$1B liquidated in 24-hour crypto bloodbath, but should you panic?

The past 24 hours have been an absolute crypto bloodbath. More than $1 billion of long positions were liquidated when prices tanked and traders were "unprepared for the bad news." Spot Bitcoin ETFs saw record one-day outflows. So, why are most analysts calm and even positive? Aside from the chaos, the proposal to increase the Ethereum gas limit picks up steam, Craig Wright gets a one-year prison sentence suspended for two years for contempt of court, and the Tornado Cash co-founder wants his charges dropped following a verdict that OFAC "overstepped!" Yes, it's a busy episode today!Further reading:Crypto liquidations hit $1B as traders were ‘unprepared for bad news’Bitcoin ETFs hit by record $671.9M outflows in 1 dayCrypto chatter about ‘buying the dip’ hits 8-month high: SantimentCraig Wright given suspended one-year sentence for contempt of court10% of Ethereum validators signal gas limit increaseTornado Cash dev wants charges dropped after court said OFAC ‘overstepped’Rise’n’Crypto is brought to you by Cointelegraph and is hosted and produced by Robert Baggs. You can follow Robert on Twitter and LinkedIn. Cointelegraph’s Twitter: @CointelegraphCointelegraph’s website: cointelegraph.comThe views, thoughts and opinions expressed in this podcast are its participants’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. This podcast (and any related content) is for entertainment purposes only and does not constitute financial advice, nor should it be taken as such. Everyone must do their own research and make their own decisions. The podcast’s participants may or may not own any of the assets mentioned.