- The crypto market experienced a brutal dip caused by multiple layered factors.
- Industry leaders like Charles Hoskinson remind the community of the intent behind cryptos.
- Analyst highlights why now is the worst time to be bearish.
The crypto market faced an incredibly brutal market crash in less than 24 hours. The price of Bitcoin (BTC) fell from $60,000 to $54,000 and the price of ETH went from $2,900 to $2,240 all in a matter of hours due to a set of unprecedented events.
In detail, these reasons behind an unexpected crypto market crash can be traced to a significant few reasons. The Trump Presidency odds decreasing, recession fears, stock market correction, the Japanese Yen unwinding, geopolitical tensions, Gox distributions, pump traps, and altcoin dispersion are all causes that led to the perfect storm.
Despite these causes triggering a massive FUD event, long-time traders and reputed leaders in the crypto space remind the community why holding strong now and remaining unshaken in one’s faith in crypto is important.
For instance, Cardano CEO, Charles Hoskinson says this dip caused by Japan will likely cascade into greater markers including crypto for the short term. He highlights that while traditional spaces will be affected long-term, crypto will not as it is the way of out the ponzi scam that is the modern traditional economy.
According to Hoskinson, money printing will be the end of traditional finance and crypto is the way out. He believes in the philosophy of cryptos and its capability to lead us into a better world given the time and integrity of good and focused crypto projects. He says fiat currencies cannot make it through in the long run and crypto will be the last one standing.
Contributing to this narrative is a conversation on Reddit where a user highlights why this is the worst time for crypto traders and holders to be bearish. This thread lists a top few reasons that will improve the state of Bitcoin for the remainder of 2024.
This list mainly highlights the Spot ETFs launched by mega financial firms, the bullish US Presidential elections, Morgan Stanley and BlackRock’s crypto interests, reputed financial leaders holding BTC, VanEck CEO’s BTC price prediction, Saylor and MicroStrategy buying more Bitcoin (BTC), Mt. Gox distributions ending, and the continues DCA from a majority of the community. The message ends with a call to hold and not give in to FUD.
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