Bitcoin heads back to 2021 lows as speculative focus turns to short-squeezes

Those in the crypto community are generally big fans of this week's massive short squeezes in the likes of GameStop and others (with AMC Entertainment taking the mantle today). The action seemingly has moved mountains of money from the Wall Street elite to a group of perhaps not so random Redditters, with Ken Griffin and Steve Cohen having to pour billions into Melvin Capital (run by a Cohen alumnus) to keep it afloat.The rush of energy and money into those names, however, has pushed bitcoin (BTC-USD) aside. The most popular of cryptos is down again this morning, currently barely above $30K. Bitcoin began the year at about $29.5K and rocketed up to more than $42K on Jan. 8. Though outperforming bitcoin, Ethereum (ETH-USD) also continues lower.Old Chicago hand Bob Iaccino joined the Alpha Trader podcast this week, and tried to explain the gamma squeeze taking these stocks higher.