The stock market liquidated $1.05 trillion and crypto market liquidated almost $100 million.
Fidelity sold 2812 BTC marking the second largest outflow ever.
How long will it take for the crypto market to recover before bull run begins?
Tensions are high today as the stock and crypto market says major liquidation. With over $1.05 trillion being wiped out from the US stock market the Crypto Fear & Greed Index plunges to a score of 27 marking a high Fear sentiment.
Stock and Crypto Market Plummets
This reflects the sentiment of the crypto market which faced major price dips for Bitcoin, Ethereum, and many other major altcoins. The crypto space alone experiences a liquidation of nearly $100 million in one hour.
A huge factor for this liquidation can be traced to the fact that the US Department of Justice subpoenaed NVIDIA. The tech giant weighed down over a 600 point dip in the Dow Jones Industrial Average. Other popular stock options took a plunge as well leading to the overall liquidation amount.
In particular, for Bitcoin (BTC), its value dipped to $55,000 and has now climbed back up to the $56,600 range. Ethereum (ETH), Solana (SOL), Ripple’s XRP, and Dogecoin (DOGE), top contenders for parabolic gains this bull cycle, have all tumbled alongside Bitcoin.
Fidelity Sells 2812 Bitcoin Marking Second Largest Outflow Ever
Another major cause for the Bitcoin (BTC) price dip is the latest outflow in Bitcoin (BTC) marking the second largest outflow ever. As we can see from the post below, Fidelity sold 2812 Bitcoin (BTC).
https://twitter.com/thomas_fahrer/status/1831129616020554237
Responses to the post above can only draw one conclusion to the massive sellout. Many are aware that September is one of the hardest months in the crypto market with prices plunging to unexpected lows and institutes are probably panic-selling.
Despite the major FUD, most seasoned analysts are prepared for the dip due to historic data predicting a market dump. These long-time traders see the mirroring pattern and expect a major upturn for the crypto market soon.
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