TL;DR
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So that BTC flush that took us from $70k to sub $68k?
It didn’t just end with Bitcoin — it hit the entire market, and quickly (within a four hour stretch).
…but why?
Glad you asked.
Two days after former president Trump announced that, if elected, he’d stop the US from selling any of its seized Bitcoin — the US government moved $2B worth of seized Silk Road Bitcoin.
It might not have been moved with the intention to sell (we still don’t know at this point), but when the market sees even a slight hint that that sort of of sell pressure might be about to hit — investors take profits, just to be safe.
And when everyone is lead by the same idea, to the same action (in this case, selling), it can have a cascading effect.
As is the rule in crypto — “when in doubt, zoom out” and you’ll be able to see through the headlines…
For example:
“Bitcoin dumps billions in market cap!”
Turns into:
“Bitcoin dumps billions in market cap, to prices we haven’t seen since yesterday.”
This too shall pass 🧘
