🚨🔥 Alert! The crypto market in the middle of a storm! 🚨🔥
On August 5, the cryptocurrency market plunged into a veritable whirlwind of turbulence, leading to an impressive crash! Bitcoin and Ethereum crashed, leaving investors reeling. Total market capitalization collapsed by 13%, falling below $2 trillion to $1.85 trillion. 😱
Why this carnage? Here are the four major reasons:
1️⃣ Massive leaks from Bitcoin and Ethereum ETFs
Colossal negative flows from Bitcoin and Ethereum ETFs have blown a gaping hole in the market. BTC suffered net outflows of $237.45 million, while Ethereum saw outflows of $54.27 million. Funds like Fidelity’s FBTC saw the biggest outflows, destabilizing the market!
2️⃣ Mt. Gox Refunds
The return of Mt. Gox Bitcoins has sparked a selling frenzy. Creditors who had been waiting for years began liquidating their holdings, putting enormous pressure on BTC. Predictions of a potential drop to $45,000 are getting closer and closer.
3️⃣ Stagnation of rates by the FOMC
The Fed held interest rates steady, dashing hopes of a rapid cut. This stagnation has fueled skepticism and lowered crypto investor morale, exacerbating the market decline.
4️⃣ Massive Bitcoin Liquidations
The weekend saw monumental Bitcoin liquidations, totaling over $241 million. This added pressure to the market, causing Bitcoin to fall to its lowest levels of the month.
Don’t miss the full debrief and upcoming analyses!
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