Then you sure as hell don’t want to have an outstanding loan against your bitcoin. You’d have to add more than half your original collateral (on top of the existing collateral) just to keep the loan at the minimum LTV ratio, at that’s best case scenario. Most likely your original bitcoin collateral got liquidated with a price drop that sharp.
Discussion
No....what I mean is.... Would you take the loan at 58K? And use it all to purchase Bitcoin at 58K? It's at the least tempting even for the most conservative
Why not just take a personal loan that doesn’t involve your bitcoin?
Because 1. That's complicated. 2. It's only available to some people in very few countries.
Also, to someone who quit their job, lives in a fort with solar panels and hens....there is no financial institution to get a loan from.... But that person will want to take advantage of a 58K price
You do you. Your situation does not describe most people.