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Instead, the weekend’s rapid price action had its roots in over-leveraged traders.
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In 20 minutes on Saturday night, bitcoin’s price fell by more than 12%. Crypto Twitter raced to explain it as the byproduct of hashrate crashes after Chinese miners went offline, a suspicious report about the U.S. Treasury Department going after crypto money launders, and/or an upcoming ban in Turkey on using cryptos as currency.
NLW argues that all of those explanations are hogwash and that the crash had much more to do with leverage in the system than any fancy narrative.
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