Today on more than one front was a heck of a day to say the least. While I had some crazy personal and office stuff go on I was blown away with all the alarms I got on my phone about the crypto market! This led me to wonder….
What on God’s green earth happened?!?!
Now before I continue I want it to be known that these thoughts are my own and just what I have observed. Some key things caught my eye I felt either I haven’t seen discussed or were brushed over.
Bitcoin
First things first Bitcoin. The market tends to follow Bitcoin esp if it crashes so right here I figured I would look at some stuff I have seen.
The big news was El Salvador however if you have not heard the public reception has not been exactly great. The civil unrest is an awful sign and I personally feel that people are catching on that the President is not a great person. He tries to pass off as cool and hip but if you ever read about the country itself the news is bleak.
When the report came out about the country buying Bitcoin as well it was massively massively underwhelming to say the least. Given what we have seen companies like Tesla and MicroStrategy by 200 Bitcoins is well…. Nothing.
These first two things alone were enough that I would have expected a pullback of several thousand today probably to around $48-49k. Now I have not read much about it but I was told there was a huge sell order that occurred as well. My friend told me something like $40 million was sold in an order and honestly these three combined naturally caused chaos for Bitcoins price. The recent run up has been on the El Salvador news so the disappointment in the launch today and the sell order easily tanked it.
Altscoins
I think it is safe to say alts have been on fire while Bitcoin has been stagnate. Ethereum though was really getting out of control. That market was so out of wack all it needed was a tap to snap back and Bitcoin did that to it.
Next up is ADA who launched smart contracts and well…. Every article I’ve come across talks about how buggy and disappointing its smart contract launch has been. Now it has held up very well even with this news but now has also taken a huge fall which does not surprise me as the reason for its run up was gone.
I feel these two have had some huge clout in the Altcoin gain so these two naturally killed it as well. Now one alt that has bucked this trend is one I have really only heard about from all the post about it here and that is Solana. It hasn’t really moved from what it was at and since I don’t know anything else about it I do not feel it is appropriate for me to comment more about it till I learn more.
Lastly with this chaos you had all of the exchanges struggle with the huge surge in demand and they all struggled with the number and amount of transactions. This feeds into the fear and will further exacerbate the issues. What will be key is to see how the market handles the next 24-36 hours. If it stays level or improves a little bit I will be pretty confident that the pain is done for now however if it continues to fall we could hit a pretty rough and quick bear market before I expect it to spin out of it.
Remember to do your own research! A lot of coins were near 52 week highs so even with this pullback a lot of them are not as cheap as you would expect! That’s not to say not to dabble in adding a little bit to certain coins/tokens your are a huge supporter of heck I did that today!
