Genuine warning to those that may not be aware. Gemini is about to go under, which will massively reduce the DAI stable coin collateral. DAI is likely going under as well. Genesis will then be completely out of room to squirm, so them and probably all of DCG will go under. Silvergate is a literal joke and will fall easily. This amount of chaos in the industry could easily lead to a run on Binance/Kraken/Coinbase. If the destruction reaches a run on one more major exchange, there will be an absolute plunge with no resolve.
*I get this may be ridiculously obvious to some and seem like an idiotic post, though I'm clearly making this post for those it is not*
*I get this may be ridiculously obvious to some and seem like an idiotic post, though I'm clearly making this post for those it is not*
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Genesis planned bankruptcy announced yesterday. Gemini quickly running out of time.
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Expansive Warning: I see the crypto market has been on a tear recently. First, ask yourself why... Given the gloomy news regarding Coinbases Credit Rating, Silvergate, DCG layoffs/belt tightening, Genesis/Gemini's imminent fate and fact that all was known before or early to when the rally started. Second, acknowledge that the crypto market quickly rose >23% ($TOTAL) trough-peak prior to the Coindesk article that exposed and killed FTX. Index is up >37% off this recent rally. The market plunged off of the last peak. The same will happen here,
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Gemini laying off 10% of employees. Third round of layoffs in 7 months.