THURSDAY

Summary from the TLDR Crypto newsletter

Bitcoin dropped 9% on Thursday, following a macro selloff as a result of the Fed indicating further rate hikes, the announcement of Evergrande’s bankruptcy, and reports that SpaceX had written down the $373m worth of Bitcoin it acquired in 2021. This comes along with news that Tesla sold approximately 75% of its Bitcoin holdings after a $1.5B investment. The price drop precipitated by these events was exacerbated by massive liquidations of leveraged traders.