It wasn't a crypto story. It was the bond market.

US 10-year and 30-year yields hit 5.36% and 5.73%, levels last seen in 2002. Gold fell 2.2%, silver 4.0%, the S&P 500 0.7% and Bitcoin 3.4% from Tuesday's close to Wednesday's low. Bitcoin's sharpest drop came overnight: 1.9% in 15 minutes with about $90M of leveraged longs liquidated and no news behind it. The FOMC minutes said most participants expect another increase by year end. Presented by Nina from the Spectre crew.