> Reminder, if you're invested in crypto long term, you'd better say a prayer every night that Tether is actually backed by ~$180B of liquidity.
As a long-term holder of Bitcoin I do not see why I should lose any sleep due to Tether risks. Why should I care even if it de-pegs?
On the liquidation itself: leveraged bets gone wrong will get liquidated, whether the bets were on stocks, currencies, Treasuries, crypto or grain futures. BoJ, for example, regularly makes rapid large buys to shake out leveraged yen speculators. I do not see anything concerning or unusual with this week's crypto shakeout. My 2c.