📉 WHY ARE #BITCOIN AND CRYPTO CRASHING? 📉
JUST RECENTLY, BTC AND CRYPTO HAVE LOST OVER $100 BILLION IN MARKET CAP
HERE'S WHY THIS HAPPENED 👇
AS WE KNOW, THE CRYPTO MARKET IS HIGHLY CORRELATED WITH THE STOCK MARKET
IN THE PAST 2 DAYS, ALPHABET AND TESLA REPORTED THEIR QUARTER EARNINGS.
ALPHABET MISSED YOUTUBE AD REVENUE EXPECTATIONS WHILE TESLA REPORTED FALLING PROFITS
THIS CAUSED A DUMP ON BOTH ALPHABET AND TESLA, WHICH RESULTED IN THE S&P 500 AND NASDAQ'S BIGGEST DUMP SINCE SEPTEMBER 2022.
THE 7 LARGEST COMPANIES LOST $500 BILLION IN MARKET CAP, WHILE THE ENTIRE US STOCK MARKET LOST $1.1 TRILLION.
BUT THERE'S SOMETHING ELSE TOO
BITSTAMP WILL START DISTRIBUTING MT. GOX BTC FROM TODAY
IT IS EXPECTED THAT THEY'LL DISTRIBUTE OVER 35K BTC WORTH $2.25 BILLION
THE MARKET USUALLY TRY TO PRICE IN THESE DUMPS, SO BTC DIPPED BELOW $64K
ETH DUMPED 4X MORE THAN BTC, AS IT ALSO EXPERIENCED A HUGE OUTFLOW.
IMO, THIS IS JUST A TEMPORARY DIP, AND THE MARKET WILL RECOVER SOON.
SO, DON'T PANIC AND HODL TIGHT
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