Bitcoin crashes to $62K as leveraged traders get wiped out — buy the dip ahead of U.S. government reserve buying
Bitcoin just suffered a massive crash down to $62,000, largely because traders who were betting on higher prices were forced to sell all at once. Meanwhile, the U.S. government is making steady progress on plans to officially hold Bitcoin as a strategic reserve asset.
Idea
A massive wave of forced selling has just wiped out billions of dollars from Bitcoin, dragging the price down to levels not seen since February. This type of aggressive, panic-driven crash often clears out the market's speculative excess, creating a heavily discounted buying opportunity. Furthermore, the U.S. Treasury is actively working on plans to create a government strategic stockpile of Bitcoin, which provides a massive long-term safety net of official demand under the current depressed prices.