News Snapshot:
Just as Bitcoin rallied slightly above $45k on Friday, recycled news on China’s central bank vowing to ban crypto trading for Chinese citizens came out, liquidating more than $600 million of derivative positions at the time of writing. It is crucial to remember that large liquidations tend to cause cascades of forced sell orders, creating a near-term imbalance between supply and demand. In these events, supply overwhelms demand, and prices drop until the next large bid (supply) is hit. Despite the near-term volatility, the overall trend in fundamentals and on-chain metrics remains firmly bullish as long-term holders and miners continue...
