Today in Crypto: Crypto Hit by Margin Calls
— Lenders, Rates, Collateral, Crypto, Hit, Prices, Come, Liquidations, Today, Loans, Market, Calls, Margin — 1 min read
BlockFi announced Friday that BTC, ETH, USDC, GUSD, PAX, BUSD and USDT rates will be increasing across all tiers. The company said its rates are set by “market dynamics for lending and borrowing,” and that it wants to practice “sound risk management” in allowing for positive earning opportunities. With the mass slump in bitcoin making it harder for miners to repay the $4 billion in loans backing their equipment, there could be risks ahead for big crypto lenders, Bloomberg reported Friday (June 24) with many of the mining rigs lenders accepted as collateral have now halved in value. The report said there haven’t been many miners defaulting on their loans, though the signs might be in the air with some recent sales Source