- Clearance alert! The cryptocurrency market just crashed and this is what is happening:
๐ข Bitcoin is holding steady, but altcoins like Ethereum, XRP, DOGE, and more are falling rapidly.
- Global market capitalization fell to $1.07 trillion, a drop of 1.50%. The fear and greed index goes from 47 to 45 in just one hour.
- Bitcoin price at $27,516 after a sudden drop from $28,000. $50 million in long positions liquidated in just one hour!
- Ethereum falls below $1,600 as the ETH Foundation sells more ETH. ๐
๐ค Why? Mass liquidation of long positions worth $90 million today, with over 38,000 traders affected.
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Wise Gbeve Crypto and Blockchain News
Oct 11th
#trading XRP Lawyer Buys Bitcoin (BTC) After This Event
Pro-$XRP attorney John Deaton says he bought Bitcoin after it happened, but now it seems like it is not his best decision
In a surprising turn of events, prominent crypto lawyer John Deaton, who has been a vocal representative of #XRP holders, has taken a bold leap into the world of Bitcoin. His decision was triggered by remarks made by Jim Cramer, the former hedge fund manager and host of CNBC's Mad Money program, who ominously predicted a downfall for "Mr. Bitcoin."
What makes Deaton's move intriguing is his adoption of what's now known as the "Inverse Cramer Strategy." The strategy revolves around the counterintuitive premise that whenever Jim Cramer predicts a market direction, the opposite invariably occurs. If Cramer anticipates a stock's rise, it is often a sign that the stock is headed for a fall, and vice versa.
I bought some #bitcoin immediately after watching this on principle alone. https://t.co/RYVbspG7BY
โ John E Deaton (@JohnEDeaton1) October 10, 2023
The Inverse Cramer Strategy gained so much traction that in October 2022, TUTTLE, an investment company, filed for an ETF designed to follow this unique approach. The resulting Inverse Cramer ETF is an actively managed fund specifically designed to bet against the TV host's forecasts.
In line with this strategy, Deaton's response to Cramer's bearish prediction was to invest in $BTC . However, it appears that, this time, the Inverse Cramer Strategy may have faltered, leaving Deaton and others who followed suit in a challenging position. Following Cramer's televised prediction, the price of Bitcoin did indeed dip by 1.3%, settling at $26,960 per #BTC , marking its lowest point in the past 10 days.
๏ฟผBTC to USD by CoinMarketCap
Will Deaton's unconventional approach prove the skeptics wrong, demonstrating that in #crypto , even unorthodox strategies can pay off? Or will it serve as a cautionary tale, highlighting the unpredictable nature of the market?
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CryptoPros Community
12 hours ago
BTC Update on 13/10:
In general, BTC on the daily chart is declining and has experienced a rebound in the area around 268xx. If it drops further, a pullback will be necessary.
โก๏ธ H4: It is still trading sideways around 300, with a price range of 266xx to 269xx. โก๏ธ H1: It has formed two price bottoms with a slight recovery around the EMA. If we break 26950, we may find support again around 272xx. The previous support level has been tested multiple times and has now become the current resistance.
The morning strategy is to identify important areas to locate potential long positions and short opportunities. We should wait for BTC to react around 272xx to identify a selling point.
