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Traders taking excessive risk in the bitcoin market being forced to sell when the price goes down were the bigger culprits for last week’s 30% drop in bitcoin prices, according to analysts.
Bitcoin traders liquidated roughly $12 billion in levered positions last week as the price of the cryptocurrency spiraled, according to bybt.com, a cryptocurrency futures trading platform.
“Selling begets more selling until you come to an equilibrium on leverage in the system,” says JMP’s Devin Ryan.
Bitcoin traders liquidated roughly $12 billion in levered positions last week as the price of the cryptocurrency spiraled, according to bybt.com, a cryptocurrency futures trading platform.
“Selling begets more selling until you come to an equilibrium on leverage in the system,” says JMP’s Devin Ryan.
https://www.cnbc.com/2021/05/25/bitcoin-crashes-driven-by-big-margin-bets-new-crypto-banking.html
As a pure satoshi stacker and holder and many of you here, not affected. Let the traders gamble on the open market as we keep on accumulating more.
These price swings are good for price discovery and shake the trees from bad apples. News is no news, after all.