TL;DR
Full Story
In order that BTC flush that took us from $70k to sub $68k?
It didn’t simply finish with Bitcoin — it hit your entire market, and rapidly (inside a 4 hour stretch).
…however why?
Glad you requested.
Two days after former president Trump introduced that, if elected, he’d cease the US from promoting any of its seized Bitcoin — the US authorities moved $2B price of seized Silk Highway Bitcoin.
It won’t have been moved with the intention to promote (we nonetheless don’t know at this level), however when the market sees even a slight trace that that kind of of promote strain could be about to hit — traders take earnings, simply to be protected.
And when everyone seems to be lead by the identical thought, to the identical motion (on this case, promoting), it might have a cascading impact.
As is the rule in crypto — “when unsure, zoom out” and also you’ll have the ability to see by the headlines…
For instance:
“Bitcoin dumps billions in market cap!”
Turns into:
“Bitcoin dumps billions in market cap, to costs we haven’t seen since yesterday.”
This too shall move 🧘
