It's a tough day in the markets: Japan's market took a huge hit earlier, and now Korea is following suit. The Japanese cash and carry trade seems to have gone wrong, impacting global markets, including crypto.
Other factors contributing to the downturn include:
- Lower chances of Trump winning the elections
- Resurfacing recession fears
- Major investors like Warren Buffet significantly de-risking by selling half of his $AAPL holdings
- Escalating tensions between Iran and Israel
- Aggressive selling of $ETH by @jump_, including a $500M unstaking over the past two weeks, with rumors they might exit the crypto market-making business
However, I don’t think this downturn will last. With elections coming up, drastic measures are likely to be taken. The FED might ramp up money printing, leading to a strong recovery once things settle down. Stay safe, everyone!
