Major crypto lender Celsius freezes withdrawals as markets tumble

Re:Major crypto lender Celsius freezes withdrawals as market... by tim333 on Monday June 13, 2022 @12:43PM (#31728002)

(Number of people into bitcoin) x (average amount of portfolio they stick in bitcoin) = bitcoin price / number of bitcoins.

In practice the bottom will probably be about $10k as people will start thinking that used to be $65k, maybe it'll go back, and buy some.

It's all human psychology but so is the value of a lot of things.

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Re:Major crypto lender Celsius freezes withdrawals as market... by adam_arthur on Monday June 13, 2022 @04:18PM (#31731221)

Price is defined by the most recent trade, nothing else. It doesn't matter how much money is in crypto accounts.

When you buy crypto with USD that's a one time transaction that has no bearing on future price.

E.g. the ARKK etf has had massive net dollar inflows YTD despite falling over 50% in the same timeframe

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Re:Major crypto lender Celsius freezes withdrawals as market... by dorgo on Monday June 13, 2022 @03:34PM (#31730567)

Something is wrong with the equation. The right hand side of the equation is:

> bitcoin price / number of bitcoins

$23,304 / 19,066,500 BTC = $0.001 /BTC

If there is one human into bitcoin, then they invested $0.001 ? If there are more people into bitcoin then they invested even less on average?

It doesn't make any sense.

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Re:Major crypto lender Celsius freezes withdrawals as market... by cuteboy19 on Monday June 13, 2022 @04:37PM (#31731463)

This is text based Technical Analysis, which is possibly the only thing that has less predictive power than actual TA

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