🚨 Very Important Market Update 🚨 Why BTC Dumped? What's Next?
Well guys, what a day!!! $BTC dumped from $64K to $58K while the full market is Red. In this post i will explain why #BTC dumped & how the crypto market is affected, in addition to what is next for the full Crypto Market? Let's Explain it...
✨ Why BTC Dumped ✨
The last time Bitcoin was so heavily oversold as it is now, was 300 days ago. This also marked the bottom. One of the main reasons BTC decreased was because Mt. Gox dropped 140,000 Bitcoin on the market which gave us a huge selling pressure.
BTC miners sold over 30,000 BTC (Around $2 billion) in June, the highest amount this year. The miners reserve is now also at a yearly low!
All those factors together in addition to the fear factor led BTC to heavily decrease.
💥How The Crypto Market Got Affected by the Dump💥
Overall Market Capitalization Drop: The total value of all crypto currencies combined (market cap) fell by over 4.3%.
Altcoin Impact: Along with Bitcoin, most other crypto currencies (altcoins) also experienced price declines. This is because altcoins tend to follow Bitcoin's price movements. Most meme coins and gaming coins dumped very hard while the best performing crypto coin was $LUNC which pumped around 12%.
🌿 What is Next Move for the Crypto Market 🌿
I will keep it simple & straight forward:
If BTC stays above $58K and starts recovering, then BTC could pump depending on the economic news this week. Hence the crypto market will recover too.
If BTC dumps below $58K then next could be $56K hence the market could heavily crash.
Finally hope you guys survived the dip and keep holding ✨
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