Svmuu News: Patrick Shyu announced in a YouTube video that he had sold all of his cryptocurrency holdings and suffered massive financial losses.Patrick Shyu stated that Bitcoin fell 50% from its peak of $120,000 last October to just over $60,000 this summer, and that excessive leverage left him mentally unprepared for the decline.
Patrick Shyu pointed out that liquidity in the current market is far lower than it was in 2021. He mentioned that Mt. Gox creditors received 35,000 Bitcoin and that MicroStrategy holds 850,000 Bitcoin, suggesting there may not be sufficient liquidity for everyone to exit.In addition, Patrick Shyu addressed the threat of quantum computing and the economic sustainability of network security following the reduction in mining rewards. However, at the end of the video, he stated that he remains bullish on the underlying technology in the long term and believes this video may signal a market bottom. (u.today)