TL;DR
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Between (name it) Thursday evening to Tuesday morning, BTC took a ~15% pre-halving slide (taking the market with it), thanks principally to sustained inflation fears.
Full Story
Within the phrases of a YouTube thumbnail that we just lately noticed, however can’t keep in mind the creator of:
“The evening is dumpiest earlier than the daybreak.”
Or, if you would like that in a extra crypto particular framing:
We are inclined to see a break down in market costs within the lead as much as the Bitcoin halving (which is due round April twentieth of this yr).
However up till the top of final week, we hadn’t actually seen a strong correction.
Properly. We’ve got now.
For those who’re like us, and awakened sporadically to verify your Buying and selling View app at 12am/4am/6am, between Monday evening and Tuesday morning…
You’ll have been greeted every time by a sea of pink, and mentally “pulled a Ralph” (see gif☝️).
For those who’re not like us, and are as a substitute a wholesome particular person…
Lettuce catch you up on what you missed:
Between (name it) Thursday evening to Tuesday morning, the crypto market took a slide, with BTC going from ~$73.5k to ~$62.3k (and taking the remainder of the market with it).
Why? Fears that inflation isn’t decreasing shortly sufficient → which is able to hold cost-of-living (and debt) excessive → leaving everybody with much less cash to take a position.
(That, and the Grayscale ETF offered a bunch of BTC).
Are we by means of the worst of it?
No thought! However we took some solace from this video that reveals the 2017 bull market noticed a number of 40% corrections, whereas 2020 principally noticed 20% corrections.
With that data, we then gaslit ourselves into pondering:
“Perhaps this time round, we’ll solely see 10-15% corrections (just like the one we simply noticed!).”
Fingers, toes, eyes: crossed.