Waking up early, oh my, this market is like a waterfall, crashing straight down! BTC is holding up somewhat, but ETH is simply a sight to behold, and altcoins are getting washed out completely.
All this goes back to what Powell said the other night. He mentioned that the Federal Reserve wouldn't create a Bitcoin reserve, as that would require Congress's approval. With this back and forth, we might have to wait until Trump takes office next year for any progress on this matter. But once Trump is in, there will be so many issues to handle that he might forget about this proposal. The proposal still needs Congressional approval, and whether it passes is another story. So, the market immediately cooled down upon hearing this.
Speaking of whales, on December 14, one borrowed $25 million USDC from Aave and went long on BTC at an entry price of $101,662.9. As a result, three days later, BTC soared above $108,000, netting over $4.4 million in profit. Unfortunately, he didn't cut his position in time, and now with BTC's drop, he's facing a loss of $3.75 million. This goes to show that when there's profit, one should take it quickly and not be greedy; otherwise, the gains might just be given back.
As BTC drops, ETH also suffers. Just yesterday, the US spot Ethereum ETF had a net outflow of $60.5 million. The outflow is so severe that we don't even know where the bottom is.
In the past 24 hours, the entire network saw liquidations of $1.023 billion, with long positions liquidating $857 million. It's like blood flowing in rivers! When it's time to sell, one must sell; don't cling to those small gains; the market can't just keep rising every day.
However, looking at the long term, the market will still rise. Right now, this is just a short-term correction; don't be scared.
Now that the market is starting to correct, there is a full-blown market outbreak! In this situation, it’s the perfect time to position yourself for potential altcoins! I've carefully selected a coin that is expected to multiply 2-3 times in the short term and 5-10 times in the long term. Leave a comment + like for a free share!