Adam Button, an analyst at the US financial website InvestingLive, stated that the sudden plunge in gold prices was of unknown cause. This move fueled a broad-based rise in the US dollar. The decline in gold prices and the strengthening of the dollar are likely driven by overall risk aversion.
US stocks opened relatively flat before falling sharply. The drop in gold prices also fueled speculation about a leaked CPI report, a phenomenon that can occur after the release of major reports, but I doubt it. Whatever the driving factors behind this move, it exacerbates concerns that "nothing is safe." I believe the trigger was the 12% drop in Microsoft's stock price in a single day. Since then, we have seen continuous concerns about industry turmoil. The software industry has been consistently impacted, but now the logistics and transportation industries are also affected. It's possible that a software engineer was forced to sell their gold positions.
Every time the market drops, the same thing happens.
Bitcoin falls and people panic.
Suddenly everyone says: “Bitcoin is dead.” “It’s going to zero.” “It’s a scam.” “It has no value.”
But this isn’t new:
In 2013, they said it was dead. In 2015, they said it was over. In 2018, they said the bubble had popped forever. In 2022, they said crypto was finished.
And now they’re saying it again.
Every cycle, when the price crashes, people lose hope and forget that this has happened before.
When Bitcoin is going up, everyone calls it the future. When Bitcoin is going down, everyone calls it a scam.
Years later, when the price recovers, the same people who said “it’s going to zero” will start asking:
One of two things is about to happen when the volatility gets realised;
1. $BTC is going to lose a ton of market share and quickly to ALT coins.
2. ALTs are about to lose a ton of strength vs $BTC.
To me, the only thing that actually makes sense is scenario no1. Which means at some point (and probably soon looking at the contraction in the Bollinger Bands), ALTs are going to rip it.
It feels like no one in the market is positioned for this but I don't understand what they see when they look at this chart.
Binance has successfully completed the final tranche purchase of 4,545 BTC, finalizing the $1 billion transition of SAFU stablecoin reserves into Bitcoin.
This transition was completed within 30 days of the initial announcement, as committed.
SAFU now holds 15,000 #BTC, worth $1,005,000,000 USD at the time of completion (calculated at a BTC price of $67,000).