Is the rocket taking off? 🚀 It seems the market has taken a U-turn this week after a nose dive into the deep end last week in which we saw the total crypto market cap (TOTAL) dropping down over 10%, its largest single-day decline since FTX collapsed in November 2022. This week is a big week and we could be about to see some volatility but Bitcoin certainly isn’t waiting around and has begun preparing…
Why did we see such a drop?
Well… it seems speculation around the ETF releases turned bad with rumors that they will not be accepted this month (More on that later), but we have to remember, the market has been continually rising for a while now and pullbacks are healthy. While it is coincidental, the ETF rumors are unlikely to have caused a drop like that on its own.
However, when Bitcoin drops $5k in one day, it is always a scary occurrence.
What can we expect next?
It seems we've been on a ride up overall since 2022 (Even though it may not feel like it), and data does somewhat confirm this bias, but what it also tells us... is that we are moving up and it doesn't seem to be stopping anytime soon. Short term we might see some volatility and trading or using leverage may be more difficult but for anyone looking to hold long term, drops shouldn't be too concerning. There are still mixed opinions on what might happen next, but what we do know is that the market is in an uptrend and this long-awaited bull run is getting ever closer.