This is a very bad outcome for DeFi, ETH and all the other shitcoins, who thrive on banking credit as cheap money to fund their nonsense.
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GS: "Ongoing pressure could cause smaller banks to become conservative about lending in order to preserve liquidity in case they need to meet depositor withdrawals, and tightening in lending standards could weigh on aggregate demand." Paraphrase of this https://www.zerohedge.com/markets/how-asset-cycle-finally-ends
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