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Discord-1Minute Alpha-harry.eth 199 days, 2 hours ago
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CryptoMarket Analysis: Intraday Volatility & Potential Catalysts


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Total MarketCap 1.05T
Fear & greed index: 37 Fear
BTC dom: 46.2%
DOW: 34,478
S&P 500: 4364
NASDAQ: 13,274




BTC: $26,290.81 (▼ 7.64%)
ETH: $1,677.63 (▼ 6.15%)
Solana: $21.88 (▼ 5.92%)
Polygon: $0.57 (▼ 6.12%)



In a significant occurrence, the crypto market witnessed an abrupt flash crash, causing ETH to drop to mid $1500s & BTC descended below 25k in the past day. Notably, leading option influencers swiftly shifted from bullish to bearish sentiments in response to this rapid downturn. However, the market rebounded almost as quickly, propelling ETH to around $1700.

Amid speculation on the crash's cause, Twitter discussions floated various theories, including China's Evergrande situation & rumors of SpaceX's BTC divestment. While some attribute this movement to Evergrande's influence on the macroeconomic landscape, I find this correlation questionable. The magnitude of the recent macro shifts is being magnified in a subdued market environment.

A more pertinent factor could be SpaceX's reported liquidation of $373 million in BTC, as revealed by WSJ. Although timing of this event remains unclear, it could potentially explain recent market behavior & identity of a substantial seller. It's conceivable that a trading desk seized the opportunity to preemptively short the market in anticipation of sale, and later covered their position post-sale, contributing to current market conditions.

If the SpaceX liquidation indeed underpins crypto drop, current market may offer a favorable entry point, indicating departure of a significant seller. The retracement from the ETF-related headlines adds intrigue to the situation. It's advisable to adopt a DCA approach & focus on spot ownership. Caution is essential, as historical trends reveal the potential for sharp rebounds followed by more substantial declines.

<https://www.coingecko.com/>

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