BTC on the hot seat

Something is going on in crypto land. Almost $2Bn of leveraged position have been allegedly liquidated in a few hours. Perhaps the foundation of the Bitcoin is being challenged after the U.S. Treasury Secretary announced that he has seized a significant amount of bitcoin from Iran. The permisionless and decentralization characteristics, alongside the fact that there is a finite amount available, is what make Bitcoin a great idea. Those characteristics rhyme with freedom from central banks, regulators and debasement. But it seems some big investors might have some doubts, or perhaps this is just a technical move to clear leveraged bets. Since October last year, bitcoin has retraced 50%+, which is not unseen for crypto. Just over the last month, its price has gone down by 20%. And the dollar has not moved significantly, so it’s not correlated to fiat weakness. We’re also in the final stages for the Clarity Act, that is scheduled to go to Senate for approval, and should provide the regulatory framework for Banks and insurance companies to chip in. Is this just a step back to start the next up leg, or is the foundation being seriously questioned?

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