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Stablecoin MIM Nearly Insolvent

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Today’s Cryptocurrency Headline

Autism Capital tweeted that the stablecoin MIM (Magic Internet Money) is close to being insolvent. During last month’s Terra crash, Abracadabra, the MIM issuer, incurred $12 million in bad debts as liquidations weren’t fast enough to repay the protocol’s MIM liabilities, but Abracadabra shut down the protocol dashboard in the meantime using the escalation as an excuse to cover up the truth. The MIM core team decided to buy CRV instead of repaying bad debts from the MIM treasury. The price of CRV has since plummeted, making it impossible to verify the size of the protocol’s bad debt as the dashboard has been closed. Autism Capital believes the agreement could create more bad debts that could lead to bankruptcy and is advising holders to sell it.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Digital Currency Group CEO Barry Silbert tweeted that the crypto market has reached its max pain and uncertainty, and they are buying Bitcoin. Bitcoin is up 7.65% over the last 24 hours and rose to an intraday high of $20,786.43. On Saturday, the liquidity crisis of Three Arrows Capital led the cryptocurrency market to experience a massive fall and the Bitcoin price plunged to $17,000 recording the lowest price of the year. However, the Bitcoin price rebounded above $20,000 on Sunday, suggesting the bulls are buying the dip. For now, the bulls must hold the price above the psychological level of $20,000.

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