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Celsius’ Fall Is a Turning Point for DeFi

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Home » Cryptocurrency » Celsius’ Fall Is a Turning Point for DeFi

CELSIUS’ FALL IS A TURNING POINT FOR DEFI

Posted by Ian King | Jun 21, 2022 | Cryptocurrency, Winning Investor Daily

6 minute, 7 second read

A note from Ian: Yes, the crypto market has taken a beating the last few weeks.
But this correction is creating a rare, once-in-a-lifetime opportunity. That’s
why we’ve been frantically working behind the scenes to put together an
emergency crypto event next week. My research indicates that this correction is
setting the crypto market up for a massive bull run. And I’ve uncovered seven
cryptos with the potential to hand you seven-figure profits. On Tuesday, June
28, at 1 p.m. Eastern time, I’ll tell you all about them. All you have to do is
click here to claim your spot.

I’ll never forget the day Lehman Brothers went bankrupt.

It was September 15, 2008. CNBC was filming outside Lehman’s headquarters.

I watched as hundreds of employees left their offices with boxes and briefcases.

Just a few days prior, Lehman was one of the biggest banks on Wall Street. It
had a storied history and $600 billion in assets.

And in an instant, the 160-year-old bank was gone.

The bank’s collapse sparked a contagion on Wall Street.

Other banks on the Street were forced to write off billions in losses.

Many critics put the blame on credit derivatives. They were a new financial
innovation that helped mitigate credit risk.

But it wasn’t their fault — banks still use them today.

Lehman had just made terrible bets.

It overleveraged into credit derivatives backed by subprime mortgages.

When the housing market cooled, those bets turned sour.

And when investors got a whiff of Lehman’s potential losses, they lost
confidence and refused to extend more credit.

There’s a similar situation playing out in the crypto markets right now.

A few crypto lenders, like Celsius, overleveraged themselves into decentralized
finance (DeFi).

They might be on the verge of insolvency.

But this is a natural part of the creative destruction of capitalism.

And it will make DeFi stronger as a result.

DEFI CUTS OUT THE ROLE OF THE BANK

DeFi is poised to turn the banking world upside down.

It also allows for the trading of digital assets without the need for a
centralized exchange or market maker.

This cuts out the role of the bank from traditional financial services.

This underlying technology has spurred a new industry.

Crypto lenders like Celsius, Nexo and BlockFi offer an easy way for anyone to
deposit their tokens and earn yields.

The lenders take customer’s cryptos and lend them across the DeFi ecosystem,
looking for the best yields.

Except they don’t always make sound decisions with customers’ money…

CELSIUS’ BAD BET TRIGGERED A DIGITAL BANK RUN

Lehman overleveraged into credit derivatives and subprime mortgages.

In a similar way, it appears that crypto lender Celsius took user deposits,
borrowed against these assets and then reinvested these borrowed assets to
achieve higher yields.

The practice worked fine as crypto prices went up.

However, as the market fell in the spring, the value of the lender’s outstanding
debt was more than it was able to pay back.

Celsius also lost millions, perhaps billions, on a bad bet on LUNA.

If that wasn’t bad enough, management wasn’t transparent about those losses.

Like with Lehman, as soon as customers heard Celsius might be having financial
issues, they rushed to pull their digital assets.

This triggered a digital bank run, as Celsius was forced to liquidate assets to
pay back customers.

The company halted withdrawals over a week ago.

It also led to a sharp fall in the crypto markets as overleveraged lenders were
forced to sell assets to meet margin calls.

And just this morning, the CEO of crypto lender BlockFi announced a $250 million
line of credit from crypto exchange FTX.

This is a sign that there’s a price where smaller, leveraged lenders will find
buyers.

It’s just like how larger banks such as JPMorgan Chase and Citibank bought up
smaller banks during the financial crisis.

In hindsight, the Lehman crash was an amazing buying opportunity for banks.

I expect this time will be no different for crypto.

DON’T MISS MY UPCOMING WEBINAR

Right now, the crypto market is down nearly 70% from its all-time high in
November.

But even with the recent crash, I believe the crypto sector is set for its
biggest bull run ever.

And during an exclusive webinar on June 28, I’ll reveal the catalyst that’s
about to ignite a massive rally.

In fact, thanks to this catalyst, I expect cryptos to become a $200 trillion
asset class.

And keep in mind that today, the entire crypto market is worth less than $1
trillion.

So I’m talking about explosive growth in the months ahead.

You definitely don’t want to miss this webinar.

To RSVP today, simply click the link here and enter your email address.

Regards,

Ian King

Editor, Strategic Fortunes

MORNING MOVERS

From open till noon Eastern time.

Convey Health Solutions Holdings Inc. (NYSE: CNVY) is a health care technology
company that is up an incredible 137% this morning. The stock jumped on the news
that it is being bought out by private equity group, TPG Capital.

MacroGenics Inc. (Nasdaq: MGNX) develops and commercializes antibody-based
therapeutics to treat cancer. The stock climbed 26% after a recent filing showed
that the CFO of the company purchased 40,000 additional shares of the company.

BlackSky Technologies Inc. (NYSE: BKSY) provides geospatial intelligence,
imagery and related data analytic products and services from its satellite
networks. It is up 18% after it received a five-year contract from the
Department of Defense to create and optimize data sets for use in artificial
intelligence systems.

Revlon Inc. (NYSE: REV) develops, manufactures and markets beauty and personal
care products worldwide. It is up 17% continuing its run up from last week on
the news that Reliance Industries, an Indian conglomerate, is considering a deal
to buy out the recently bankrupt company.

Paya Holdings Inc. (Nasdaq: PAYA) is a payments solutions company that is up 15%
today. The stock is responding to a report that the company is looking to sell
itself since there has been lots of takeover interest as of recently.

Futu Holdings Ltd. (Nasdaq: FUTU) operates an online brokerage and wealth
management platform in Hong Kong. It is one of the Chinese stocks that is up 15%
today after recent economic data signaled that the Chinese economy may be on the
path to recovery.

PTC Therapeutics Inc. (Nasdaq: PTCT) focuses on the discovery, development and
commercialization of medicines for rare disorders. It is up 15% after reporting
top-line data from a trial for Translarna, a drug candidate for a type of
Duchenne muscular dystrophy.

Riot Blockchain Inc. (Nasdaq: RIOT) is a cryptocurrency mining company. The
stock rose 14% along with other crypto-related stocks after the crypto markets
started to stabilize following a major sell-off over the weekend.

Coinbase Global Inc. (Nasdaq: COIN), the cryptocurrency exchange platform, is up
14% this morning. It is another crypto-related stock that is rallying today as
the crypto markets rebound from their sell-off a few days ago.

Chewy Inc. (NYSE: CHWY) is a pet food and products e-commerce company. The stock
is up 12% after analysts at Wedbush upgraded the stock from a neutral to an
outperform rating and raised its price target.

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grow your wealth. Sign up below for free.

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