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Last week Bitcoin fell to its lowest level since the beginning of March as some of its recent price rises were unwound. There is a range of different suggestions about what initial shock caused the sell-off: from the Biden tax rises on the wealthy to the collapse of crypto currency exchanges in Turkey. While the source of the shock is unclear, the impact of the shock was probably compounded by the amount of highly leveraged futures positions in the cryptocurrency market. As prices fall, exchanges make margin calls on overleveraged speculators which can compound the initial negative price shock.
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