Babe, Wake Up! The Largest Market Sell-off of 2024 Just Hit.
TL;DR
The crypto markets took a nose dive over the weekend, BTC went from $71k to $61k, ETH went from ~$3.5k to ~$2.8k, and SOL went from ~$175 to ~$120.
Full Story
We’re going to start this one by quoting ourselves from early December, because it’s eerily relevant…
“You know that lady from YouTube that swims with tiger sharks and pets them almost as if they're dogs?
If you watch enough of her videos, you almost forget that these sharks are wild animals capable of ripping your face off...
Over the weekend, the crypto community got a similar reminder of Bitcoin's wild/face ripping tendencies.“
ICYMI: the crypto markets took a nose dive over the weekend.
Bitcoin went from $71k to $61k, Ethereum went from ~$3.5k to ~$2.8k, and Solana went from ~$175 to ~$120.
So why’d this all happen?
We’ll start by reminding you that we’re not financial experts…
Instead, what we do here is:
Put our personal lives on the line, by pushing our daily screen time up to levels that multiple therapists have called “wildly unsustainable, and deeply unhealthy” — boiling the news down, so you don’t have to!
So, with that…
Here’re the top three factors cited by most big-brain pundits:
Inflation isn’t lowering as expected (which is bad for risk assets like crypto)
Pre-halving sell offs like this have happened like clockwork in each previous bull cycle
The Bitcoin ETFs had a rough end to the week, and were likely selling Bitcoin over the weekend
Oh and, we don’t know if this is correlation or causation, but:
The real market dive started around the same time news broke that Iran had launched a drone attack on Israel, sparking hyperbolic chatter about WW3 starting…it was all very “Russia/Ukraine Feb 2022.”
(See header image for chart reaction).