the volume of liquidations was unreal. In the space of an hour, I must have seen at least $200 million in longs and shorts liquidated.
It might not be a happy story exactly but the market is doing the job its supposed to do which is squeeze out the weak money. Anyone using hot money to be long (or even short) will have themselves tested, its got red hot and they drop the hold. I've watched markets going back to the 90's now and the reason for volatility now is justified because we have so much borrowed money, cheap finance from low rates so it feels bad if the price goes down but also for balance it is a requirement to get this kind of reset & can be a positive.
That argument might not make much sense but read some of the old school Bitcoin holders for perspective as they've seen plenty of trench action in prior sells. The foundations of BTC are in the protocol, thats the real news and the price always is secondary. I'm actually more scared of moves politics and various tax and red tape problems that can be thrown at Bitcoin. The thrashing of the price swings up and down can be profitable for very skilled traders.
I want to have a good look at the price and try to guess the price for end of March, got it right last guess and with so much chaos there is opportunity for some profit I'm fairly sure. Having a fixed bet vs price like that means I dont have to be worrying like all these leveraged traders. It is a natural process though, I'm sure of that much.
I've been using BTC for longer then I've been registered on this forum so over 7 years and the volatile move like this is still ok and also I'm still massively impressed any time BTC stays over 3k, thats my view every year that the blockchain is in rude health relatively. The other view would be the tickets to win a Lambo just got cheaper