3 Reasons Bitcoin & Altcoins Dumped šš»
Ā
1) Tax Selling
Ā
Yesterday, Morgan Stanley reported that there was $256B in capital gains tax selling.
Ā
This was the reason behind the stock market dump, and because crypto is still correlated to it, #BTCĀ and alts dumped even harder.
Ā
2) War escalationĀ
Ā
The war between #Iran & #Israel has escalated quickly.Ā
Ā
During these times, people always look to HOLD hard money.
Ā
BTC still hasn't got that status (high volatility and a less established history), so it dumped and alts bleed even more than that.Ā
Ā
3) BTC dominance going up
Ā
Yesterday's altcoin crash pushed BTC dominance to a 3-yr high.
Ā
BTC dumped 5%ā7%, but large caps dumped 15%ā20%.
Ā
What's next for the market?
Ā
Right now, the best way to predict upcoming market movement is to look at the #GOLD chart.Ā
Ā
Usually, Gold pumps during these war situations, similar to what happened in Feb 2022.
Ā
If Gold starts going sideways or down, this could be a sign that the war situation is over.
Ā
I'll keep a close eye on this and will continue to update you all.
