Yesterday, the entire virtual currency market fell sharply, and ETFs also experienced a large outflow. → About $1.1 billion was lost.

[Reason for the decline]

ETF outflows showed negative growth, because the mining costs worsened during the halving period, leading to miners' profit-taking.

As prices fell, selling pressure increased, causing traders to stop losses and take profits.

From the daily chart of Bitcoin, a huge double top appeared, so it continued to fall. The price of Bitcoin fell below $59,000

At present, the price of altcoins has fallen to a level lower than that of April 14, 2024. The altcoin craze from October last year to March this year has passed, and the market is currently at a level after May 19, 2021.

In other words, the market conditions expected on May 19 and March 12 in the past have already appeared. At present, altcoins are in the bottom area, and it is necessary to go through a period of sideways consolidation before a new round of recovery in the altcoin market is possible.

However, any investment advice should be carefully considered, and the final decision-making power lies with the investor himself.

I am not promoting the value of altcoins, but I hope everyone can see the opportunity to go from ordinary to counterattack. Although this is not the only way, it is also an option.

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