TL;DR
Full Story
You know that lady from YouTube that swims with tiger sharks and pets them almost as if they’re dogs?
If you watch enough of her videos, you almost forget that these sharks are wild animals capable of ripping your face off…
Over the weekend, the crypto community got a similar reminder of Bitcoin’s wild/face ripping tendencies, after it shed $34B worth of value from its market cap, in under 20 mins.
For context, that’s more than the entire market cap of Solana *poof* gone!
So how did it happen?
The short answer: a large swath of investors got a little over-excited about Bitcoin, used borrowed money to bet that the price would go even higher…
Then when it didn’t, they were forced to sell their positions, so they could pay back their lenders.
This sudden and combined forced sell-off led to the sharp 4% price drop.
Alright, now you know.
Stay safe out there folks!
