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This isn't the first or the last time that'll happen. There are multiple 50-80% drops in Bitcoin history and we famously went from 20k to 3k in 2017 cycle. For
by rawtxapp 5y ago
This isn't the first or the last time that'll happen. There are multiple 50-80% drops in Bitcoin history and we famously went from 20k to 3k in 2017 cycle.
For reference, sp500 also dropped like 10% since december. Since it's market cap is like 40 trillion, that 10% drop is worth like 7-8 times the market cap of all Bitcoin. Smaller markets with lower liquidity moves more.
- voisin 5y ago> Smaller markets with lower liquidity moves more. Above a certain level of liquidity the difference is marginal to nonexistent. Bitcoin certainly exceeded that level. This was not a small, illiquid market.
- rawtxapp 5y agoJust pull up some order books from exchanges, 10-100M$ worth of market orders would move the market in a meaningful way, you can't do the same in a more established market 40x the size. Bitcoin gets a lot of press, but in the grand scheme of things it's still very tiny.