Bitcoin Price Drops Again — And Nope, It’s Still Not Because of the Fed
Bitcoin Magazine Bitcoin Price Drops Again — And Nope, It’s Still Not Because of the Fed The bitcoin price is yo-yoing around like a piñata. What is going on? Who shoved it? And what’s it to do with Powell, the Fed, the bitcoin treasury companies and, uh, just ordinary markets doing markets-y things? This post Bitcoin Price Drops Again — And Nope, It’s Still Not Because of the Fed first appeared on Bitcoin Magazine and is written by Joakim Book.
Bitcoin Magazine
Bitcoin Price Drops Again — And Nope, It’s Still Not Because of the Fed
..aaaand, we’re back at it again — a misbehaving bitcoin price. Sunday evening bitcoin flash-crash dipped a red candle the size of Jupiter; and more eerily, it kept dropping down on Monday morning, touching below $111,000.
Now, around here in the land of bitcoin price therapy, we say that nobody knows why prices move. But sometimes, we do… though not as well as we would like. Today, I discuss two things: the last 24 hours’ worth of shenanigans and Fed Chairman Jerome Powell’s remarks late last week.
An Unruly Bitcoin Price
Late Sunday (European time) was pretty disgusting:
It’s hard to say “nobody knows” when a chart looks like that; somebody knows what happened to plunge the bitcoin price some 3,000 in a matter of minutes. If it’s not a specific macro event, like last week, the only thing eating through order books like this are a) massive orders, and — what amounts to the same thing — b) mass liquidations.
Yesterday, there was some indication of both:
Quien de ustedes fue? pic.twitter.com/lizlwaDFPD— Nico ₿
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