3 reasons contributed to yesterday's decline of the crypto m | Wissam_f on Binance Square

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reasons contributed to yesterday's decline of the crypto market:
Following $BTC halving, miners are selling more coins to cover business expenses.
Low stablecoin issuance levels caused less money to be pumped into the market.
Outflows from Bitcoin  ETFs created a selling pressure.

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Why did $BTC experience a sharp decline? TLDR: Mt. Gox, who once was one of the cornerstones of bitcoin trading before going bankrupt in 2014, is repaying its customers, in July. Mt. Gox, the failed exchange, will pump as much as 140K BTCs into the market (worth approx. $9 billion). Some analysts argue that this sudden increase of supply is expected to negate in one shot the positive effects of ETF inflows. It is not clear how the market would react to this on the long run though. So, let us wait and see...

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It is time like these that present the best buying opportunities. When dips happen, DCA (Dollar Cost Average) and hodl (Hold On for Dear Life) waiting for an uptick. The rise may not happen in the near future but it will eventually take place. Best strategy when the market is in panic mode is not to panic sell and to keep the following in mind: "In spot trading, buy the dips and be patient". Last but not least, if you cannot bear the sight of red across the board, forget that you have a Binance account for a while and come back when the market recovers.

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The total supply of $LUNC amounts to approximately 6.8 trillion. A total of 116 billion coins have been burned. This translates into a 1.7% supply reduction. However, such an extremely low burn rate stands firmly in the way of a #LUNC recovery. Now that the LUNC community is in the drivers seat, the only hope for a surge in price lies in figuring out innovative ways forward. In light of the above, LUNC will experience a period of high volatility until its community manages to mop up the damage done by Terraform Labs. Many people are still hodling their LUNC coins in the hope of hitting the jackpot. Only time will tell if these people are right, let us wait and see!

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Terraform Labs has agreed to pay a $4.47 billion fine to settle its conflict with the SEC. However, the company is now officially shutting down operations. CEO Chris Amani has called on the community to take over the management of Terra projects, including Pulsar Finance, Station Wallet, and Enterprise DAO. Additionally, all LUNA tokens owned by Terraform Labs will be burned. Meanwhile, Terraform Labs founder Do Kwon remains in Montenegro, with his lawyers contesting extradition requests from both the U.S. and South Korea. It is not clear how $LUNC and $LUNA will react to the above piece of news.

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🕯 Daily Cryptocurrency Market Review: The market is experiencing a correction once again. $BTC is currently trading at $67,780, while $ETH has fallen to $3,559. 📈 Growing Asset LEVER: +13% GNO: +9% ASR: +6% 📉 Falling Asset NOT: -18% TNSR: -18% $W : -14%

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