BREAKING: Bitcoin falls nearly -$3,000 in 45 minutes as $70 million worth of levered longs are liquidated.
Ludicrous crypto speculative manias were only possible in a world awash with central bank funny money "stimulus." But now the punchbowl is being taken away.
It’s going to be comedy gold when all the crypto baggies figure out at roughly the same time that the supply of Greater Fools willing to take their scam digital gambling tokens off their hands for more than they paid has suddenly dried up, and the panicked stampede for the exits begins.
geoabitrage on
All Ponzi schemes must come to an end
UD48 on
At the same time, physical gold and silver are surging in price, I’m sure it’s just a coincidence.
blahyawnblah on
Bitcoin has nothing to do with the economy
Matatan_Tactical on
I got 10k in BTC and this shit is hilarious. Crypto is useless. Only real property matters
Areyoukiddingme2 on
Cripto is essentially the beanie babies of today!
Rivercitybruin on
What is the total value of bitcoin?
$70M seems small…
jb4647 on
I see stuff like this and I honestly do not know how anyone is still surprised. A three thousand dollar drop in under an hour because a bunch of leveraged longs got liquidated is not a bug in crypto, it is the feature. This is exactly what happens in an unregulated casino where the game is designed to reward insiders, exchanges, and promoters while regular people provide the exit liquidity. There is no underlying economic activity here, no cash flows, no productive use that explains moves like this. It is just leverage stacked on leverage until gravity shows up.
If you read Easy Money by Ben McKenzie and Jacob Silverman, this exact dynamic is laid out in painful detail. They walk through how crypto markets are dominated by wash trading, fake liquidity, offshore exchanges, and extreme leverage that would never be allowed in real financial markets. They explain how price is routinely propped up by stablecoins of questionable backing, how exchanges trade against their own customers, and how sudden “liquidations” are effectively engineered events that transfer wealth from retail traders to the house. When you understand that structure, a violent move like this stops looking like volatility and starts looking like extraction.
People keep asking what problem crypto actually solves, and the honest answer is that it mostly solves problems for scammers, fraudsters, and people trying to evade laws. Outside of speculation, ransomware, money laundering, sanctions evasion, and various flavors of financial grift, there is still no compelling use case that cannot be done better, cheaper, and more safely with existing systems. If this asset class were really about payments, savings, or financial freedom, it would not require this much leverage, hype, and constant recruitment of new buyers to stay afloat.
If anyone genuinely wants to understand why these crashes keep happening and why they will keep happening, I would strongly suggest reading Easy Money. None of this is mysterious, none of it is new, and none of it is accidental.
Is that good? Giving people a chance to “buy low?”
Are you all in?
Disclosure: No positions.
RUIN_NATION_ on
it will go back up too lol
pm_me_yo_creditscore on
Setting up for the palladium pump next week.
skwander on
Buying crypto now just makes you the pump to their dump.
MaineHippo83 on
It’s 3,000 fucking dollars what the fuck people. It’s a 3% drop.
I’m so sick of clickbait fear-mongering articles using the dollar amount of the drop and not the percentage to get people to click on an article.
The stock market drops 3% all the time
HaphazardFlitBipper on
Oh No!!!
Anyway…
TheSilverFoxwins on
EMitch02 on
Crypto is a scam and terrible for the planet
DJMagicHandz on
Funny money, always has and always will be…
Hairy_Muff305 on
Ah good, on the way towards its actual value….
Ok-Firefighter-6172 on
I wonder if Trump gave his billionaire cronies a 20 minute head start again?
Night_0dot0_Owl on
Remind why crypto is good for everyone.
ExplanationFuture422 on
Pretty much all crypto did exactly the same type drop. When you pay for nothing, it is always a gamble.
gotu1 on
This is such clickbait bullshit designed to spark a sell off. Don’t make any decisions based on this.
A $3k swing is about 1% of total value. Which happens constantly with bitcoin because it’s a volatile commodity. A nearly identical drop happened literally Monday morning .
also it wasn’t $3k in 45 minutes, it was like $2k over several hours. That’s what bitcoin calls a normal Friday.
Darryl_444 on
BREAKING: It fell all the way back to…. exactly where it was 2 days prior. But of course you can’t see that looking at this graph. A 2% drop.
And it did the same thing 2 days prior to that prior to climbing back up again. A dozen times in recent months.
These are tiny motions in the context of typical Bitcoin price movements. It’s actually becoming less volatile over the years.
Anyway, it’s now selling season in the typical 4-year cycle. Like it has done 3 times before since inception in 2009. Hoping it drops a lot more so I can collect some short gains to add to my already-sold long gains, and buy back in next December.
Xzero864 on
That’s not even that big of a drop no lol? It’s like a bit over 3%? Legit happens all the time to stocks lol.
Thehandmadeaviation on
People blaming the punchbowl being taken away are half right. Liquidity expectations matter more than actual rates, polymarket pricing around slower cuts and tighter financial conditions explains why levered crypto trades are the first domino to fall. Bitcoin trades hope, not patience
bnlf on
These people looking at 15min charts are so funny. “Breaking news” lmao. On daily, the price barely moved in a month.
26 Comments
It’s going to be comedy gold when all the crypto baggies figure out at roughly the same time that the supply of Greater Fools willing to take their scam digital gambling tokens off their hands for more than they paid has suddenly dried up, and the panicked stampede for the exits begins.
All Ponzi schemes must come to an end
At the same time, physical gold and silver are surging in price, I’m sure it’s just a coincidence.
Bitcoin has nothing to do with the economy
I got 10k in BTC and this shit is hilarious. Crypto is useless. Only real property matters
Cripto is essentially the beanie babies of today!
What is the total value of bitcoin?
$70M seems small…
I see stuff like this and I honestly do not know how anyone is still surprised. A three thousand dollar drop in under an hour because a bunch of leveraged longs got liquidated is not a bug in crypto, it is the feature. This is exactly what happens in an unregulated casino where the game is designed to reward insiders, exchanges, and promoters while regular people provide the exit liquidity. There is no underlying economic activity here, no cash flows, no productive use that explains moves like this. It is just leverage stacked on leverage until gravity shows up.
If you read Easy Money by Ben McKenzie and Jacob Silverman, this exact dynamic is laid out in painful detail. They walk through how crypto markets are dominated by wash trading, fake liquidity, offshore exchanges, and extreme leverage that would never be allowed in real financial markets. They explain how price is routinely propped up by stablecoins of questionable backing, how exchanges trade against their own customers, and how sudden “liquidations” are effectively engineered events that transfer wealth from retail traders to the house. When you understand that structure, a violent move like this stops looking like volatility and starts looking like extraction.
People keep asking what problem crypto actually solves, and the honest answer is that it mostly solves problems for scammers, fraudsters, and people trying to evade laws. Outside of speculation, ransomware, money laundering, sanctions evasion, and various flavors of financial grift, there is still no compelling use case that cannot be done better, cheaper, and more safely with existing systems. If this asset class were really about payments, savings, or financial freedom, it would not require this much leverage, hype, and constant recruitment of new buyers to stay afloat.
If anyone genuinely wants to understand why these crashes keep happening and why they will keep happening, I would strongly suggest reading Easy Money. None of this is mysterious, none of it is new, and none of it is accidental.
https://amzn.to/4ay611Z
Is that good? Giving people a chance to “buy low?”
Are you all in?
Disclosure: No positions.
it will go back up too lol
Setting up for the palladium pump next week.
Buying crypto now just makes you the pump to their dump.
It’s 3,000 fucking dollars what the fuck people. It’s a 3% drop.
I’m so sick of clickbait fear-mongering articles using the dollar amount of the drop and not the percentage to get people to click on an article.
The stock market drops 3% all the time
Oh No!!!
Anyway…
Crypto is a scam and terrible for the planet
Funny money, always has and always will be…
Ah good, on the way towards its actual value….
I wonder if Trump gave his billionaire cronies a 20 minute head start again?
Remind why crypto is good for everyone.
Pretty much all crypto did exactly the same type drop. When you pay for nothing, it is always a gamble.
This is such clickbait bullshit designed to spark a sell off. Don’t make any decisions based on this.
A $3k swing is about 1% of total value. Which happens constantly with bitcoin because it’s a volatile commodity. A nearly identical drop happened literally Monday morning .
also it wasn’t $3k in 45 minutes, it was like $2k over several hours. That’s what bitcoin calls a normal Friday.
BREAKING: It fell all the way back to…. exactly where it was 2 days prior. But of course you can’t see that looking at this graph. A 2% drop.
And it did the same thing 2 days prior to that prior to climbing back up again. A dozen times in recent months.
These are tiny motions in the context of typical Bitcoin price movements. It’s actually becoming less volatile over the years.
Anyway, it’s now selling season in the typical 4-year cycle. Like it has done 3 times before since inception in 2009. Hoping it drops a lot more so I can collect some short gains to add to my already-sold long gains, and buy back in next December.
That’s not even that big of a drop no lol? It’s like a bit over 3%? Legit happens all the time to stocks lol.
People blaming the punchbowl being taken away are half right. Liquidity expectations matter more than actual rates, polymarket pricing around slower cuts and tighter financial conditions explains why levered crypto trades are the first domino to fall. Bitcoin trades hope, not patience
These people looking at 15min charts are so funny. “Breaking news” lmao. On daily, the price barely moved in a month.