[jyl]

Crypto went super illiquid for a short time, during which prices of some of the ***** coins (alt coins) dropped 70-90%, and since lots of crypto bros are levered, they were liquidated at the bottom. Something like $19BN of crypto was liquidated, lots of levered bros were wiped out. On the other hand, whoever was on the other side of those liquidation trades made huge returns. This all happened in minutes.

BTC and ETH were less volatile, but still moved like -30%.

More evidence, if any were needed, that crypto is not a “store of value” or “digital gold”. It’s just a very volatile speculative trading vehicle. Of course, crypto will be permitted in IRAs and 401ks soon, because connected people in the government make lots of money on crypto.