I believe that last week's deep decline in Bitcoin prices triggered massive liquidation operations in the entire Cryptocurrency market.
This is because bankrupt companies like FTX recovered the value of their GBTC. Bankrupt companies own these stocks directly tied to the actions of the CEO of the Cryptocurrency group, Barry Silbert, who is the CEO of the parent company Grayscale. In an attempt to boost managed assets in the giant company, the CEO encouraged companies to use GBTC instead of Bitcoin. This led these companies to liquidate their GBTC assets and withdraw their capital, causing prices to fall.
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