Oof. What a week.
It began with Elon Musk bashing Bitcoin, and ended with a renewed crypto crackdown in China. Those came as book-ends to a spate of other bad news in cryptoland, including a stomach-churning market crash and anger over Bitcoin’s role in facilitating a massive cyber attack on an east coast oil pipeline. All of this saw Bitcoin limp into the weekend well below the $40,000 mark as the entire crypto industry licked its wounds.
What to make of all this?
First, after six months of crypto markets heading to the moon, a price correction was overdue—nothing, even Bitcoin, goes up forever. Also, market crashes rarely have just one cause. And that was the case this week when series of events, from Musk’s antics to over-leveraged traders, combined to wallop crypto prices.
Here are five key takeaways from Bitcoin’s latest week from hell.
1. Crypto is still prone to crashes. Since its inception, Bitcoin and the broader crypto market has been prone to wild run-ups in price followe
Źródło: https://decrypt.co/71733/5-lessons-from-bitcoins-very-bad-week
