FAST FIVE: Bitcoin Tumbles After Amazon Denies It Will Accept Crypto In 2022

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*  *  * After crypto's dramatic surge higher overnight, the narratives have been flowing.

Simply put, it was a massive short liquidation.

More than $950 million of crypto shorts were liquidated on Monday, the most since May 19, according to data from Bybt.com.

Source: bybt.com “The extent of the jump was probably driven by over-leveraged shorts,” said Vijay Ayyar, head of Asia Pacific at crypto exchange Luno in Singapore, while adding the rumors over Amazon likely had a role to play too.

Source: Bloomberg Cue the FUD.

Categories: ZH