Summer 2024 has been notable for two previous panicky declines, the first of which occurred as the U.S. was enjoying its July 4 break. The catalyst for that selloff was a German government entity moving to begin selling the first of its 50,000 bitcoins which had been seized as part of a criminal probe. The second major tumble was just about two weeks ago, when what seemed like a benign rate hike by the Bank of Japan triggered a global plunge in equity markets that spread to all risk assets, crypto included.

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Author: Stephen Alpher

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