More than $70B wiped off crypto market in 24 hours as BTC drops 8% below $20K

Re:More than $70B wiped off crypto market in 24 hours as BTC... by Veen on Friday March 10, 2023 @07:06AM (#35093355)

I think they are arguing that the market cap is a fantasy number anyway. It went down by a theoretical $70 billion, but that number (and the market cap) is meaningless because it's not possible to convert large amounts of BTC to fiat without collapsing the market, assuming the exchanges will let you and that they have the fiat reserves to do so, which is highly doubtful.

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Re:More than $70B wiped off crypto market in 24 hours as BTC... by culturestate on Friday March 10, 2023 @07:18AM (#35093463)

> assuming the exchanges will let you and that they have the fiat reserves to do so, which is highly doubtful

If you’re trying to sell off several tens of millions of dollars of BTC, you don’t go to an exchange - you go to an investment bank. Goldman will happily run that for you.

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Re:More than $70B wiped off crypto market in 24 hours as BTC... by Veen on Friday March 10, 2023 @07:26AM (#35093528)

Then Goldman has more faith in the future value of BTC than seems warranted.

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