@trax
Everyone’s talking about yesterday’s massive #crypto liquidations nearly $19 billion wiped out.
And yeah, those are huge numbers. But the claim that “this has never happened before” isn’t quite true.
Back on May 19, 2021, when #China announced its crypto ban, the market crashed from a $2T MC down to $1T, a 50% drop.
#Liquidations back then were around $9 billion.
If you do some quick math, you’ll see that the scale was pretty much the same as what we just witnessed.
Once again, the #market proves that nothing in crypto happens “out of nowhere.”
It’s just that #traders have short memories and keep making the same mistakes over and over again.
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