Babe, Wake Up! The Largest Market Sell-off of 2024 Just Hit.
TL;DR
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The crypto markets took a nostril dive over the weekend, BTC went from $71k to $61k, ETH went from ~$3.5k to ~$2.8k, and SOL went from ~$175 to ~$120.
Full Story
We’re going to begin this one by quoting ourselves from early December, as a result of it’s eerily related…
“You realize that girl from YouTube that swims with tiger sharks and pets them nearly as in the event that they’re canines?
In case you watch sufficient of her movies, you nearly neglect that these sharks are wild animals able to ripping your face off…
Over the weekend, the crypto neighborhood acquired an analogous reminder of Bitcoin’s wild/face ripping tendencies.“
ICYMI: the crypto markets took a nostril dive over the weekend.
Bitcoin went from $71k to $61k, Ethereum went from ~$3.5k to ~$2.8k, and Solana went from ~$175 to ~$120.
So why’d this all occur?
We’ll begin by reminding you that we’re not monetary specialists…
As a substitute, what we do right here is:
Put our private lives on the road, by pushing our day by day display screen time as much as ranges that a number of therapists have referred to as “wildly unsustainable, and deeply unhealthy” — boiling the information down, so that you don’t should!
So, with that…
Right here’re the highest three components cited by most big-brain pundits:
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Inflation isn’t decreasing as anticipated (which is unhealthy for threat property like crypto)
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Pre-halving promote offs like this have occurred like clockwork in every earlier bull cycle
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The Bitcoin ETFs had a tough finish to the week, and have been doubtless promoting Bitcoin over the weekend
Oh and, we don’t know if that is correlation or causation, however:
The actual market dive began across the identical time information broke that Iran had launched a drone assault on Israel, sparking hyperbolic chatter about WW3 beginning…it was all very “Russia/Ukraine Feb 2022.”
(See header picture for chart response).
