Is bitcoin BTCUSD, +0.48% facing a breaking point? That’s what some investors, acolytes and otherwise, might be contemplating, as the cryptocurrency’s descent accelerates over the weekend. The world’s No. 1 digital asset was last trading at $18,654, down more than 70% from its peak of around $65,000, with the broader crypto market feeling to some as if it were in free fall.
Yves Lamoureux, the bitcoin-bullish president of Montreal-based macroeconomic research firm Lamoureux & Co., said that debt swirling around in the crypto market has amplified recent swings lower, with a number of highly indebted companies facing margin calls and this arcane business’s version of Wall Street bank runs. “If my read is correct, this is massive liquidation of huge leverage in the system,” said Lamoureux.
See: This 24-year-old quit his job at hedge-fund powerhouse Citadel to build anew on the Terra blockchain — which collapsed two months later
Bitcoin will bounce back Same to life there are ups and downs This too shall pass
Much easier to justify a $15K point drop at 80% than a $50k drop at 80%. What happens when bitcoin goes to $100K and the following year its at $20K again….
Such соntrаctss simply mосk trаdеrs
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