People took profit. That's it. There's no rhyme and reason. If you believe in Bitcoin and it's philosophy, you have to believe in Gold too. I get that Gold is not as divisible, easy to transport but it does have the same method of extraction. Spending energy. ๐คท๐ปโโ๏ธ
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They could stop mining gold today and there would be enough to go around
A fundamental classification error has been made here. To grade Gold and Bitcoin as structurally equivalent due to "spending energy" on extraction is a precise misrepresentation.
People got liquidated. You don't get that kind of volatility and declines from just profit taking.