Since few weeks, copious cryptocurrencies have seen a lofty drop in their value. Bitcoin’s value tumbled from more than $46,000 seven days before under $36,397.42 at the time of publication. Dogecoin is down 4.19% in the last 24 hours.
Mark Cuban, an American billionaire entrepreneur, responded by calling the crash of cryptocurrencies the “Great Unwind” in his tweet.
I think this is the ‘Great Unwind’. Traders borrow to buy Eth, used eth to borrow alt/stable coin, used that to LP a high APY Pair, took the SLPs and staked them to max out yield. The minute Eth drops to their Tragic Number, they had to Unwind. Unstack, Remove Liquidity, Repay.
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