3 Reasons Bitcoin & Altcoins Dumped đŸ“‰đŸ”»

 

1) Tax Selling

 

Yesterday, Morgan Stanley reported that there was $256B in capital gains tax selling.

 

This was the reason behind the stock market dump, and because crypto is still correlated to it, #BTC  and alts dumped even harder.

 

2) War escalation 

 

The war between #Iran & #Israel has escalated quickly. 

 

During these times, people always look to HOLD hard money.

 

BTC still hasn't got that status (high volatility and a less established history), so it dumped and alts bleed even more than that. 

 

3) BTC dominance going up

 

Yesterday's altcoin crash pushed BTC dominance to a 3-yr high.

 

BTC dumped 5%–7%, but large caps dumped 15%–20%.

 

What's next for the market?

 

Right now, the best way to predict upcoming market movement is to look at the #GOLD chart. 

 

Usually, Gold pumps during these war situations, similar to what happened in Feb 2022.

 

If Gold starts going sideways or down, this could be a sign that the war situation is over.

 

I'll keep a close eye on this and will continue to update you all.

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