Reasons for Bitcoin’s sharp drop today
1. Binance was hacked for $5.8 billion
2. U.S. stocks and gold fell, especially Google, which plunged and triggered a chain reaction that dragged Bitcoin down
3. The Fed is expected to raise interest rates by another 25 basis points in December, a macroeconomic headwind
4. Leveraged positions were liquidated: there were lots of long positions below $80,000, including those held by “Big Brother Maji,” and they were all wiped out
1. Binance was hacked for $5.8 billion
2. U.S. stocks and gold fell, especially Google, which plunged and triggered a chain reaction that dragged Bitcoin down
3. The Fed is expected to raise interest rates by another 25 basis points in December, a macroeconomic headwind
4. Leveraged positions were liquidated: there were lots of long positions below $80,000, including those held by “Big Brother Maji,” and they were all wiped out