Good afternoon to the entire Binance Square community. Below I will briefly comment on some of the reasons why the market fell sharply on what is now known as "Black Monday."

From my point of view, it was caused by a number of negative factors. To highlight:

- Fear of the outbreak of war in Israel. The market always reacts very negatively to this type of event.

- Fear of the possible massive sale of $BTC caused by the liquidation of the Mt. Gox exchange and confusion caused by the poor success of the $ETH ETFs.

- News about a possible global economic recession negatively impacted the stock markets. In addition, Warren Buffet sold his Apple shares. This move was interpreted as him positioning himself in preparation for a sharp fall in the stock market.

- The Japanese government's interest rate hike has put investors on alert, as this event will likely cause the Japanese to liquidate their stocks in other markets to pay off their loans. Normally, the assets that are liquidated first are the riskiest products, and cryptocurrencies are extremely risky products.

- The statements by the president of the American FED regarding the employment rate were unfavorable. Investors expected to hear that everything was going well, but it turned out that a rate cut for September is not yet guaranteed. At the beginning of the year we were rubbing our hands thinking of 5 rate cuts, now we only dream of 2.

- The BTC charts showed weakness. After being rejected again at the 70K resistance, the mood of investors was greatly diminished. And this was reflected in the charts, printing ever lower highs and lows.

What can we expect next?

Judging by the rapid recovery of the market and the return of prices to the channel, it does not seem that the situation will worsen too much.49K may have been the bottom so I remain bullish.

See you soon!