Already under at least some selling pressure over the last couple of sessions, bitcoin (BTC-USD) overnight crashed all they way down to $44K. At current pixel time, it's had a modest bounce back to $47K, down 17% for the day. As recently as Wednesday, bitcoin was just shy of $60K. The other crypto giant, ether (ETH-USD) is down 15% to $3,900. Pick your choice for the reason, but the speculation around crypto in general - particularly as it relates to NFTs - had reached levels that make late-1999 look tame (to paraphrase Charlie Munger). And where there are high levels of speculation, there are no doubt, equally high levels of leverage. Modest downdrafts turn into cascades pretty quickly. Lyn Alden Scwartzer has been a well-known bull on Bitcoin. Check out what she's been saying this week.
