LIVE3 Reasons Bitcoin & Altcoins Dumped 📉🔻
1) Tax Selling
Yesterday, Morgan Stanley reported that there was $256B in capital gains tax selling.
This was the reason behind the stock market dump, and because crypto is still correlated to it, #BTC and alts dumped even harder.
2) War escalation
The war between #Iran & #Israel has escalated quickly.
During these times, people always look to HOLD hard money.
BTC still hasn't got that status (high volatility and a less established history), so it dumped and alts bleed even more than that.
3) BTC dominance going up
Yesterday's altcoin crash pushed BTC dominance to a 3-yr high.
BTC dumped 5%–7%, but large caps dumped 15%–20%.
What's next for the market?
Right now, the best way to predict upcoming market movement is to look at the #GOLD chart.
Usually, Gold pumps during these war situations, similar to what happened in Feb 2022.
If Gold starts going sideways or down, this could be a sign that the war situation is over.
I'll keep a close eye on this and will continue to update you all.$BTC
LIVE
