Those who are members of @DAO Labs and do #SocialMining as me know. When the crypto market is negative or stagnant, we keep an eye on the price of #BTC and #ETH on the #Binance screen, but we also investigate the new work of the projects we are partners with. Here, I try to announce new developments from time to time.
But today, I'm going to get into the political side of the business. What caused #Bitcoin to push past 70K and then fall back to 60K in recent weeks?
Summer seasons have been like this for years. A little up, a little down. Then you realize that you are actually in the same place ๐ That's why I love social mining, with the content I make on such days, I can collect the tokens of our partner projects at cheap prices ๐
Let us now look at the biggest political reasons for the rise and then for the fall. These are of course excuses for the rise and fall. However, such events increase the expectation that communities will react similarly to similar developments. As a result, even if it is an excuse, there is an expectation about how the wheel will turn.
A BULLET WAS FIRED AT TRUMP, BIDEN WAS SHOT
Yes, before the rise started, unfortunately, news of an assassination came. US Presidential candidate Trump survived this attack with minor injuries. This event led to an increase in Trump votes and ultimately Biden's withdrawal from the race.
Known to be close to the crypto market, Trump's approach to winning ignited the first fuse. Later, Trump, who attended the Bitcoin 2024 conference in Nashville, praised Bitcoin. This created great enthusiasm and provided an increase of up to 70K. If I summarise what Trump said at the conference in headings:
As soon as I become president, I will fire (SEC Chairman) Gary Gensler.
If elected president, I will not sell any Bitcoin that the US government currently holds or will purchase.
Never sell your Bitcoins, Bitcoin will rise like never before...
Trump, whose similar discourses received great applause, brought great movement to the market.
This rise had to have a fall. Excuses began to be sought. MtGox will make new payments, Grayscale has mobilized so much $BTC , etc. And finally, the best excuse was found. War!!!
IRAN THREATENS, CRYPTO MARKET COLLAPSES
Increasing Iran-Israel tensions in the Middle East led to sharp declines in the cryptocurrency market ๐๐ฅ. Israel's escalation of tension in the region in recent years has also negatively affected the financial markets. War rhetoric put stock and cryptocurrency markets under pressure.
The growing tension between Iran and Israel wiped $ 3 trillion from global stock markets in one day. A pessimistic atmosphere prevails in the cryptocurrency market. Bitcoin (BTC) fell as low as $ 60,500, while Ethereum ($ETH ) fell below $ 3,000. These declines caused a large outflow of money from altcoins, and many altcoins lost over 10 percent.
According to CoinGlass data, $289 million worth of positions were liquidated in the last 24 hours. Of these liquidations, $ 247.5 million consisted of long transactions. In the last 24 hours, 87,750 investors received liquidation notifications and lost their open positions. The biggest losses were in BTC with $87.34 million in liquidations and ETH with $80.14 million in liquidations.
The Layer-2 index was also affected by this situation and lost 7 percent in value in the last 24 hours. $ZK , one of the layer-2 solutions, fell by 10 percent ๐.
I think we will spend the summer period going back and forth in the range of 60K and 70K. Of course, this is not investment advice, just it is my opinion. With the autumn, I hope that bitcoin will slowly enter the bull market ...
