And..... 85 Million in liquidations in an hour. Market manipulation(fake tweet) and leverage ruins more traders once again.

I think by now we all know what happened. The SEC's Twitter account was hacked and made to release a circular that the SEC approved spot Bitcoin ETF's. Gensler later had to come out on his own Twitter account to debunk the news, which is wild. But regardless of more regulation or not, crypto traders will continue to be crypto traders.

And thus these traders couldn't give up use of leverage which caused 85 Million in liquidations in the hour during the fake tweet incident.

Per Coinglass Liquidations

Interestingly, traders were almost evenly wrecked on the way up and on the way down. Traders went all in on the price spike, and then went all in again when the tweet was debunked and the price fell. I almost feel bad for them because in a situation like this, once could really have done all their homework on a token and be absolutely sure of an event that would cause the price to spike. And then some asshats come through with a fake tweet, manipulate the market for a big profit and you who did all the hard work are left holding an empty bag. But thus is the nature of leverage as well I suppose.