It was supposed to be bitcoin's year... but somebody fucked it up (any candidates?)

The crypto market turmoil only intensified this week, with bitcoin shedding more than 10% and over $10,000 in value. In the 24 hours leading up to Friday morning, more than $2 billion worth of leveraged crypto trades were liquidated, pushing bitcoin below $81,000,

Nic is right... nothing_ about it makes sense

This was supposed to be crypto’s year. There was a perfect storm of a crypto-loving White House, Wall Street adoption and friendly legislation that put a close to more than a decade of antagonistic U.S. regulation and prosecutions.

...and 4-year cycle, and financial products (ugly BTCTCs and ETFs alike), and end-of-QT, and geopolitical tension, and gold shooting up. If this is bitcoin's tragic, disgusting performance when the stars align, I don't want to see it when real-world shit hits the fan (don't see me laughing...#1288000)

Again, the only tiny silver lining is the death of the treasury companies

Bitcoin’s recent declines have dragged down the shares of the so-called crypto treasury companies, which sell stock or debt to fund their token acquisitions. Strategy, which pioneered the business model, has seen its market cap more than halved to about $50 billion from a peak of $128 billion in July.

archive: https://archive.md/iVS59