What an eventful week we are having. Ftx collapsing ,then is binance stepping in to buy it , the Binance stepping out and cancels the agreement because the Hole is 9.5 billion , then USDT de-pegs and the UST-LUNA memories are popping up. God this year had so many significant events that will be remembered in the next bull market. The positive thing is to learn from this events and someone is effected now to not expose himself in the same risk again. De-risking is everything and even if a stable coin can depeg it help us accomplice this. As traders, all we can do is mitigate risk and protect our capital, be dynamic and adapt to situations
There is going some Stable coin risks, regarding USDT specially.
In the past it has responded well to moments of pressure and fear, that's true, but nobody can predict the future or give you 100% certainty that USDT will be ok.
One way to protect yourself is to convert a portion of your USDT to USDC, BUSD, or even both.
There are several ways you can approach this, I recommend those two as like USDT both have independent reserves to back it, so they're not entirely dependent on eachother.
Diversify to be protected, and ultimately if you consider even that not good enough withdrawing some money into your bank account do it.
Has been proven that being overly cautious is nothing wrong, do what is best for you and your capital.
FTX
For everyone who used FTX even in the past,
I highly recommend you to download all the relevant data before the site goes down again .
You will need that for taxation purposes and maybe you can deduct some of that in your report as loses.
But you will need proof, so go and get it here: https://ftx.com/historical-account-snapshots
Aftermath
As expected the first victim of Alameda-FTX is BlockFi.
https://twitter.com/BlockFi/status/1590875997351866368?s=20&t=-2bH5w_uZLZiQJqXtPNn2A
- BlockFi
And many rumors going on right now about KuCoin and Cryptocom being overexposed to ftx.
So we must be cautious remember that LUNAS ripple effects started showing after 2-3 weeks with Celsius and 3AC
