Look guys it is very simple. Bitcoin is not the fiat that everyone uses as their unit-of-account, thus fiat up, Bitcoin down just like every other speculative (hot money) asset in a liquidity crunch.

People invest in Bitcoin to make money, not to hold it as a heirloom. Thus when shorting becomes the new profit trend, the speculators chase the trend. The loaners of BTC raise their rates. Everybody is happy. Bitcoin goes down.

2008 took silver from $21 to $9. Bitcoin is more volatile than silver.

Come on guys, Bitcoin is not cash. That is the dumbest thing I've ever read. Bitcoin is a crypto gambler's addiction. Period. You guys need to get out and get some fresh air and look at yourselves more objectively.