For months we have been waiting for see in which direction BTC would go. Most were betting on down, but perhaps not to the extent that we're going to see over the next few weeks.
Despite this expected downturn people collectively agreed to hold through it, and that the recovery would follow quickly.
Our beloved MOONs has also been affected, following the altcoin trend with double digit losses - no surprise there.
The factors behind this drop seems to have been: * Evergrande defaulting * The 30-year Treasury bond rose to 4.42%, its highest level since 2011 * Plunge in the stock market * No clarity on the BTC ETFs
So far we have seen BTC quickly drop below 25k, ETH to 1600 and MOON touching 0.37
My call is for a slow recovery from this point on, as I don't feel any of these events in of themselves should affect the crypto market except for the general shock of bad news in a financial slump.
So Reddit, where do we go from here?
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