Bitcoin (BTC-USD) still remains below $50,000, down 2% to $48,298 in overnight trading, but prices appear to be be stabilizing after a wild crash over the weekend. Bitcoin plunged all the way down to $44,000 on Saturday, off 17% on the session, triggering a rout in other cryptocurrencies like Ether (ETH-USD), Solana (SOL-USD), Dogecoin (DOGE-UD) and Shiba Inu (SHIB-USD). In fact, the overall crypto sector shed around a fifth of its value, sliding to $2.2T, according to tracker CoinGecko. What happened? Many attributed the crash to speculation around crypto in general - particularly as it relates to NFTs - which had reached levels that make late-1999 look tame (to paraphrase Charlie Munger). When selling picks up, the momentum names which have benefited most from inflows turn into overcrowded positions as investors rush for the exits. The same kind of sentiment has hit other speculative corners of the market like meme stocks, IPOs and SPACs. Others
