JUN 22, 2021 • 3 Min Read
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After yesterday’s 11% decline on BTC, the Asia session opened up to even more selling (no surprise). The market briefly popped, but this was short-lived as the selling continued on London and New York open. Today’s biggest winners were stablecoins, and biggest losers were literally everything else.
Some perspective on current price action.
Some comic sans table cause i’m coping
– Avg Drop from Summer Highs to nov 5 low was 60% (while BTC was up)
– If you held from Nov 5 till now up 1069%
– If you bought the same basket on Jan 1 avg you’re up 280%But sir why is it so pain pic.twitter.com/uayvNQxzlG
— Darren Lau (@Darrenlautf) June 22, 2021
Decentralization of mining power matters.
I’d just like to remind everyone people that this could just as easily happen in America one day. It’s our job as miners to ensure we have sufficient decentralization.
We’ll get you back up and hashing soon again, brothers. ? https://t.co/8WzMnClm8q
— Kristy-Leigh Minehan ?? (@OhGodAGirl) June 22, 2021
Making sense of the DeFi token beat down.
imo a lot of convexity around DeFi tokens comes from they’re also social tokens, and sentiment is obviously bad right now
why is DeFi different vs other coins?
imo its a way more immersive social experience
eg- people use it to govern the protocol, obtain rewards, etc
— CL (@CL207) June 22, 2021