Bitcoin slumps below key $20k threshold

The whole space levered up. When Terra Luna and UST blew, it exposed holes in other companines’ balance sheets. These holes are slowly getting exposed and then a new company blows up, triggering ongoing liquidations<p>Leverage sent it up on the way up, now leverage knocks it down as it unwinds<p>If it gets so bad that Tether crumbles then expect an astonishing collapse. Tether’s money printing caused both recent crypto bubbles. They’re the crypto money printer

I&#x27;ll never understand these arbitrary numbers people come up with to write news articles. As if $20k is any more special than $20.313k. Liquidity isn&#x27;t even concentrated at round numbers.<p>The only key threshold is zero. Like, you know, the thing Tether hopefully converges to.

Just unregulated fraud fantasy and hype. It’s been embarrassing to watch this “industry” for the last decade.

Can’t read the article, what makes 20 000 a key threshold?

I invested a few thousand dollars just before they hit a dollar each. I hoped they would hit $10. It still amazes me they ever hit $100.

We still don&#x27;t know how big is the problem. Here is what happened this week:<p>- Celsius Network suspended withdrawals. The money in the accounts might be gone or they are going to get a significant haircut[1]<p>- Babel Finance suspended withdrawals.<p>- Three Arrows Capital is having troubles.<p>- Finblox limited the withdrawals<p>$40B - 50B are locked in this companies (or more likely gone).

Is the $20K threshold &#x27;key&#x27; in any way other than just being a nice round number?

Bitcoin&#x27;s value will move towards zero as more governments make it illegal, just so they can roll out their own central bank&#x27;s crypto.

Nothing stopping it from going to $1. Bitcoin is just as functional at $1 as it is at $50k.

Now what?<p>It’s still a lot of money for a bunch of useless 1s and 0s…

Burn baby burn