Re: Bitcoin dumped to $89k then pumped to $97k the next day - the reason why
For those who were watching their bitcoin and cryptocurrency portfolios drop significantly yesterday probably wondered what caused such a downward spiral then sudden rise of nearly $8,000 in less than a 24 hour time period.
You've just managed to explain half of it, which is the part why it came back up after the Meta news, but why would it dump in the first place?
I'll answer that for you.
Probably leveraged traders getting their asses handed to them twice in a row, first when they went long at $99k, then switched to shorting bitcoin at 90k and got liquidated again. It's a hard job being a stock gambler.
