Looks like the drop was due to folks taking the opportunity to unload. Is this a temporary movement due to a number of reactionaries or will it sustain?
> someone could have said the same about Enron's initial 15% drop in 2001
Not someone who's been paying attention to Bitcoin and knows you can't compare it to a stock, especially one that became the poster-child for corruption and how the financial system can be manipulated.
> Stock indexes have a century-long history of recovering. Bitcoin? a decade.
Certainly no asset has been declared "dead" [1] more times than Bitcoin has in its first 15 years--the white paper was released October 2008 and the Bitcoin blockchain went live January 2009.
Bitcoin has dropped at least 15% in a single day many times; that's to be expected for a new asset class the vast majority of people don't understand. Once things settle down, Bitcoin will continue to do what it's been doing since 2009—increase in value compared to fiat currencies. The 15% drop over a couple of weeks is inconsequential.
It is worse than that. It is due to Grayscale mass liquidations, which few people apparently saw coming. The unlocking of liquidity backfired on longs due to liquidation of GBTC. This is another example of how speculators and investors tend to get blindsided. You think you understand the risks but you don't. You understand the risks you know, not the unknown ones that only manifest when too late.
The concern now is grayscale will keep dumping , so people are selling into this fear, creating additional selling on top of the Grayscale selling in anticipation of more Grayscale selling.