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Comment by ajross | Hacker News Reader

The S&P 500 is down about 9% off its high from a month or two ago. BTC just crossed under half of it's peak.

It's true that's not captured in the headline, but this is a newsworthy crypto crash. It's not the first or the worst, but it's worth covering.

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It's very standard for bitcoin and won't be going away for a while as the asset is still realizing its value across all global liquidity. It's scary and why the SEC dragging their feet on a spot ETF approval i.e. an investment vehicle that a non-crypto fanboy can use (yours truly) is criminal.

Yes, it’s truly criminal that the SEC hasn’t approved more ways for speculation in cryptocurrency. It’s not as if an Average Joe can just go out and buy cryptocurrency or something. Can you imagine what the market volatility would be if cryptocurrency proponents were allowed to convince naïve people to invest their money, too?

also, DeFi leverage is not censorable by the SEC

a SEC approved spot ETF is needed for institutional access, not retail. Several countries have already approved such vehicles, and nobody imploded.

Retail is already all the way in. Institutions have mandates that restrict them to trading venues, types of instruments, jurisdictions (some can only invest domestically, and so cannot use foreign ETFs), and so on and so on.

There is a reason why MSTR was able to raise mountains of debt to buy Bitcoin.

It's all institutional money.

Not really sure I follow you. You can log into Coinbase, a publicly traded company, create an account with your FDIC-insured bank account and buy crypto in ~5 minutes.

The main reason behind that is tether and its price manipulation.

GBTC exists and seems to be tracking BTC's price successfully.

It depends on the base rates. BTC has a 66% volatility while S&P 500 doesn't. One should expect such crashes with BTC.

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