"It's getting ugly out there. On Friday, Bitcoin's latest swoon saw it fall to $82,000, marking a drop of around 32% from its all-time high of $126,000. That high came just last month, but it now feels like a distant memory as exchanges liquidate over-leveraged traders, and retail buyers curse the day a cousin gave them that tip about Bonk coin. So just how much lower will prices drop?"
"As for how we got here, it's pretty clear that Oct. 10 was the catalyst for the current malaise. That was the day that saw around $19 billion of forced liquidations-underscoring the perils that go with allowing crypto cowboys to leverage their positions by as much as 100x. That wipeout, in turn, spooked the many institutional investors that rushed into the sector amid the euphoria that came with President Donald Trump's favorable regulatory policies."
Bitcoin fell to $82,000, a roughly 32% decline from its $126,000 all-time high reached last month. Prices briefly rallied to about $86,000 but could easily drop to $70,000 or lower if macroeconomic news or a major scandal emerges. Around Oct. 10 roughly $19 billion of forced liquidations occurred, highlighting risks from leverage of up to 100x. That wipeout spooked institutional investors who had rushed into the sector amid euphoria tied to President Donald Trump's favorable regulatory policies, and many exited just as quickly. The industry's severe month worsened its reputation, though no single scandal appears to be driving the current selloff.
Read at Fortune Crypto
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