Welcome to the Casino Economy

This month’s crypto liquidation event, the largest in history, was like turning on the lights in a roach-infested apartment. A flash $17,000 drawdown in the price of Bitcoin and a 10% to 20% drop across major cryptocurrencies produced cascading liquidations throughout the market, particularly in leveraged futures and alt-coins, revealing that the space had become dependent on borrowed money (used to place outsized bets on cryptocurrencies going up). Influencers posted suicide-note screenshots and cries for help.