Subject: Re: A thought about AI
"Bitcoin's price has dropped ~21% in the last month. Wondering if we are starting to see a serious unwind?"

WSJ front page this morning...

"Year of Crypto Comes Crashing Down

Bitcoin on track for its worst monthly result since ‘crypto winter’ hit in 2022

BY KEVIN T. DUGAN AND VICKY GE HUANG

Turmoil in the crypto market intensified this week as bitcoin shed more than 10%, adding to a meltdown that has erased $1 trillion in value from digital currencies more broadly since October.

In the 24 hours leading up to Friday morning, more than $2 billion worth of leveraged crypto trades were liquidated, pushing bitcoin below $81,000 before it recovered somewhat, according to CoinGlass. The largest cryptocurrency is on track for its worst monthly performance since June 2022, when the collapse of crypto lender Celsius Network plunged the market into what became known as its crypto winter.

Some traders have said the drop in bitcoin might be forcing some other selling in the traditional markets. Stocks rose Friday to cap a volatile week in which the Dow, S&P 500 and Nasdaq composite all fell 1.9% or more.

“Every group chat I’m in, everyone wants to know who blew up,” said Nic Carter, founding partner at Castle Island Ventures. “You can’t make sense of it all now. There’s a general malaise with no exact catalyst to say this is why.”

https://www.wsj.com/finance/cu...