BTC which suffered several several short dips since the launch of spot ETF's suffered its first real correction yesterday. Yesterday's price decline was not like the previous dips which were quickly bought up. Not only was the price drop yesterday more severe but it was sustained. Price today is still weak and we will likely see prices (not only for BTC but also for other cryptos) dropping further today. So it is not surprising for fear to make people want to sell before prices fall further. Did such fear cause BTC to drop to $8.9K yesterday? NOT a drop of $8.9K but actually hitting a low of $8.9K 😮🦋 The price hit that unbelievable level on one exchange only and bounced straight back up immediately. My comment to the post below explains how it happened and also my guess on why it happened. Crazy effect of what a market order can do on an exchange with low liquidity. 🦋

What may be considered as more crazy than the low hit by BTC is the new ATH hit by Slerf. Slerf is a new meme coin on Solana that carried out an Initial Coin Offering. Millions of dollars were sent to a Solana address by people jumping on the craze for meme coins on Solana. The person behind Slerf accidentally burnt all the Slerf tokens. Since the tokens has been burnt, they cannot be distributed to the people who applied for the ICO. We would have expected outrage over what happened. Instead we saw sympathy. There are certain exchanges that list and trade coins before they are actually launched. People bid up the price of the worthless (since the tokens have been burnt) to a new ATH. Those who showed sympathy is not just the people who applied for the ICO but included exchanges that listed Slerf. The exchanges decided to donate the fees they earned. Thus instead of receiving nothing, those who applied for the ICO will receive the donations of the exchanges and from donations of others. WHICH OF THE ABOVE DO YOU THINK IS MORE CRAZY? https://youtu.be/IpHjQuyHJ24?si=eDGWIorAtR-08d6K