Hey Chain Debrief Community,

What a crazy week! The crypto market took a nosedive and we are seeing blood everywhere.

Both BTC and ETH is down bad with BTC hitting the US$20,000 range and ETH touching a low of US$1,074.

The market downturn was triggered by two major incidents. The first trigger was the higher-than-expected CPI and the second trigger was the big Celsius hoo-ha.

Celsius took a number of hits from the Luna collapse to the stETH depeg. This caused a liquidity crisis and Celsius had to pause all withdrawals. CEL started to crash and burn and it dropped 80% in less than a day.

Out of nowhere, a short squeeze began and CEL spiked 600%. The brutal short squeeze liquidated a number of short traders. Thank god I closed my Celsius shorts early. This incident reinforced my conviction to always take profit and not let greed get over my head.

Tron was another coin that I shorted because of the ongoing FUD. Many speculated that Tron algorithmic stable coin USDD would collapse like UST. USDD did lose its dollar peg but Tron Founder Justin Sun deploy US$500 million to defend the peg.

There are even ongoing rumours that the almighty Three Arrows Capital (3AC) is apparently insolvent due to margin calls. On-chain data showed that they are selling and exchanging stETH at a loss.

I guess we can all learn from this and improve our risk management. But then again, what do I know. 3AC is managing billions of dollars and the only thing I manage is my emotions.

Anyway, I hope you guys are well-positioned for the bear market. I have no idea how long it will last but one thing for sure is that many projects are going to zero.

โ€” Gab from Chain Debrief

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