Bitcoin cratered on Thursday, falling sharply alongside other risk assets after the stock market saw a huge reversal following an earlier rally.
The latest downward moves in crypto have now erased more than $1 trillion in market value since early October, when the crypto market cap was about $4.2 trillion. On Thursday, that figure was under $3 trillion.
On October 10, a massive liquidation event unexpectedly sent crypto markets into free fall. It marked the largest bitcoin liquidation in history, as investors offloaded $19 billion in leveraged positions; however, some estimates suggest the true number is closer to $30 billion.
Over a month later, conditions haven’t improved, and bitcoin’s slide has pulled…