0:14 Elon Musk’s tweet causing the selloff
4:15 The price dropping below $30k
7:13 The risks of leverage
10:57 Is there too much leverage in the system?
19:29 Proof of work & coin distribution
24:20 Is this the end of the bull market?
25:13 Price targets
26:56 What happens now?
31:18 The whale capitulation
42:44 The recovery
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“The people who were most scared and the reason why markets dropped so much this time, was these guys that sold their coins, they were new participants…holding whale-sized quantities of bitcoin which creates a new concentration of wealth. What happened was they were the ones that sold.”
— Willy Woo
Date: Thursday 20th May
The last 48 hours have been one of the craziest in Bitcoin, with the price crashing -51% from its peak. Back in April, we were hovering around $60k when a significant number of miners in China went offline due to power plant disruption; after a brief selloff, prices began to recover.
Last week a tweet about Bitcoin’s energy usage from Elon Musk triggered another downturn in the market. A “tidal wave of young coins” flooded into exchanges to sell, leading to a lot of leveraged traders getting liquidated and ultimately a capitulation to around $30k.
While this dip was extreme, significant dips in a bull market are not uncommon, and bitcoin is already up around 40% from the lows. So was this just a minor blip, or does it signal the end of the bull market?
In this interview, I talk to on-chain analyst and the co-founder of Hypersheet, Willy Woo. We discuss what caused the dip, who’s buying it up, and Willy’s new price targets.