WHAT'S REALLY BEHIND TODAY'S $BTC CRASH? 🚨🤔👇
Today, the crypto market has faced a confluence of factors that have contributed to dump the Bitcoin price. Among those, 3 factors have contributed the most:
1) Bitcoin & Ethereum ETF Negative Inflows
Both BTC and ETH ETFs have seen significant negative inflows, with Bitcoin ETFs experiencing net outflows of $237.40 million and Ethereum ETFs $54.25 million. Major outflows were from Fidelity's FBTC and Grayscale's ETHE.
2) Mt. Gox Bitcoin Repayments
The defunct exchange Mt. Gox has begun repaying its creditors. Surrounded by the uncertainty, most of them started to sell.
3) FOMC Rate Cut Delay
The Federal Open Market Committee (FOMC) did not lower interest rates as anticipated, maintaining them at 5.25% – 5.5%. This dampened the market optimism and contributed to a bearish sentiment.
Let's also not forget that today 1.21 billion of long positions were liquidated! In such cases, in order to capitalize on downturns and being resilient, I often include hedging positions (basically I short a long position). It is also very important to zoom out ASAP, and target weekly/monthly supports. It really helps to calm down your mind and thus undertake precise actions!
What Other Factors Contributed To Dump The Crypto Market Today? 🤔 Do You Often Hedge Your Positions? Let Me Know In Comments!
STAY TUNED! 🔥 & Remember, Your Support Is MASSIVELY Appreciated!👍💪 Also Don't Forget To Share It To Your Buddy! 🎅 - DYOR 🙏 NFA.🤝
