The great crypto adventure is as exhilarating in its sudden growth spurts, as it can be brutal in its wandering moments. Illustration this night with a fall as rough as it is unexpected for King Bitcoin and his entire court.
Fall of Bitcoin and the crypto market
Some mornings immediately set the tone for the day. And the alarm clock of March 3, 2023 could leave you with a bad aftertaste when you open your favorite portfolio application (maybe xPortal now?). A bit like a kind of sudden hangover, without even the consolation of the memory of the wanderings of the previous evening.
Indeed, in the night around 2 a.m. FR time, Bitcoin and the crypto market played us one of the famous (bad) tricks of which this very particular market has the secret, by falling suddenly. Bitcoin thus lost nearly $1,250 in an instant.
A fall all the more unpleasant as Bitcoin had in recent days all of the stablecoin, well wedged in its peg.
Obviously, bitcoin stumbling, and it is all the altcoins that will immediately taste the bitumen. If Ethereum is doing relatively well with a reasonable -4.8%, many tokens are hit with -10% from families overnight. All you have to do is go count the losses on your favorite corners.
Either way, the crypto market was offloaded by around 22 billion within minutes. A peccadillo for veterans (and a potential buy-the-dip window of opportunity if you’re a fan of murky water fishing), but an unpleasant, even nerve-wracking event if you’re newer to our happy industry.
Ah and maybe you wonder what could be the cause of such a night hemorrhage? Replica of the tremors surrounding the situation of the Silvergate bank? Stress around the Binance situation? From Coinbase? It’s hard to say, even though the crypto market seemed to be adjusting to the litany of bad news lately that has been dotting its post-FTX path. We’ll talk about it quickly anyway on the JDC. In the meantime, be careful and don’t make a rash decision out of emotion (or before your 3rd coffee, it’s a basic financial rule).
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