The morning after: Bitcoin bounces to $42K, Ethereum to $3K

Things are getting weird out there, with a particularly cringe-worthy CNBC segment featuring Andrew Sorkin in a "Rat Poison Squared" t-shirt, and the CEO of a near-$600B company going full Twitter flamer.Guggenheim Investment's Scott Minerd continues his love/hate relationship with crypto, now calling it "Tulipmania." Minerd months ago said bitcoin (BTC-USD) was worth $400K, then abruptly switched to bear, before turning bullish again. And now this.Well-followed bitcoin pundit Willy Woo calls yesterday's action the "mother of all liquidations" that has flushed leverage from the system, begun moving coins back to strong hands from weak hands, and has thus set things up for the next bull run.Bitcoin today is up more than 13% and back to the $42K level; ether (ETH-USD) is ahead a similar amount and just shy of $3K. Binance Coin (BNB-USD), Cardano (ADA-USD), and Dogecoin (DOGE-USD) are doing even better.A brief history of bitcoin's bull runs and crashes.