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This isn't the first or the last time that'll happen. There are multiple 50-80% drops in Bitcoin history and we famously went from 20k to 3k in 2017 cycle.

For reference, sp500 also dropped like 10% since december. Since it's market cap is like 40 trillion, that 10% drop is worth like 7-8 times the market cap of all Bitcoin. Smaller markets with lower liquidity moves more.

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> Smaller markets with lower liquidity moves more.

Above a certain level of liquidity the difference is marginal to nonexistent. Bitcoin certainly exceeded that level. This was not a small, illiquid market.

Just pull up some order books from exchanges, 10-100M$ worth of market orders would move the market in a meaningful way, you can't do the same in a more established market 40x the size.

Bitcoin gets a lot of press, but in the grand scheme of things it's still very tiny.

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