Hello, I'm Steve Erlich, Forbes Director of Digital Asset Research, and I'm here today at Forbes Talks to talk with Nita Bhamacheva, staff writer at Forbes on the digital asset team on everything that's happening right now in crypto and the broader economy. Hi, Nina.

Hi, Steve, great to be with you.

So what's going on as we were going to bed last night,

the market started crashing overnight,

especially once that Asian trading hour started

and into the morning,

Bitcoin briefly fell below $50,000, I think at least twice,

although it started to recover. What's happening?

Right, we're seeing sell off across various assets, not just crypto stocks of course.

And with crypto specifically,

a lot of it is macro-driven,

but there are also some undercurrents related specifically to the markets and the latest liquidations that we've seen kind of throughout the summer.

Everyone is talking about the carry trade, of course, with, you know, how traders were borrowing

yen at low rates and investing into dollar and other foreign assets and how this trade is

unraveling and that is forcing traders across markets to liquidate. In crypto specifically overnight we saw over 800 million

leveraged positions liquidated more than 300 million and D-5 positions wiped out.

So yeah, we're quite not over that.

It seems like crypto very much is a tinderbox and loves to take on levered positions which basically means you borrow money to make bets worth more than the value of the capital that you are putting on.

And I think this really sort of speaks again to,

in some ways the immaturity of Bitcoin.

It's supposed to be a safe haven asset.

It's supposed to be a safe haven asset. Supposed to be the asset if its value proposition

...