To allow accumulators like myself to get ever closer to the dream of owning 2500 EGLD (long way off still) - so I can get to run my own Elrond Validator....
Reasons
Macroeconomics
Inflation is running wild and is pressuring the FED to taper. Quantitative Tapering means there will be less leverage on ALL markets. When borrowing rates increase, risk assets like stocks and crypto performs terribly (historically). And "safe" positions like the US GOV bonds is attractive. People are betting a recession is on the way as US10YBOND has risen almost 4%
Crypto sector Fears Uncertainties Doubts
Alot of reasons for downward trajectory volatility in crypto. Most notably :
- death spiral of LUNA.
-Ethereum merge fail resulting in 30% blocks lost.
- Celcius sETH losing trust.
More relavent: Elrond WEGLD smart contracts exploit causing alot of misunderstanding and confusion for investors.
And Bitcoin dominance rising.
Since BTC is seen as the "safest" of all cryptocurrencies. Alts sell off (manually or by bots on CEX) to retreat liquidity back to bitcoin.
Leverage
Open interest has been rising since the downtrend started. People are trying to TIME the bottom... However these same people keep getting Liquidated, doubledown and again Liquidated.
Have you seen whole market bro?
Oopss ???? Sorry Sir
To allow accumulators like myself to get ever closer to the dream of owning 2500 EGLD (long way off still) - so I can get to run my own Elrond Validator....
Market decision
Reasons Macroeconomics Inflation is running wild and is pressuring the FED to taper. Quantitative Tapering means there will be less leverage on ALL markets. When borrowing rates increase, risk assets like stocks and crypto performs terribly (historically). And "safe" positions like the US GOV bonds is attractive. People are betting a recession is on the way as US10YBOND has risen almost 4% Crypto sector Fears Uncertainties Doubts Alot of reasons for downward trajectory volatility in crypto. Most notably : - death spiral of LUNA. -Ethereum merge fail resulting in 30% blocks lost. - Celcius sETH losing trust. More relavent: Elrond WEGLD smart contracts exploit causing alot of misunderstanding and confusion for investors. And Bitcoin dominance rising. Since BTC is seen as the "safest" of all cryptocurrencies. Alts sell off (manually or by bots on CEX) to retreat liquidity back to bitcoin. Leverage Open interest has been rising since the downtrend started. People are trying to TIME the bottom... However these same people keep getting Liquidated, doubledown and again Liquidated.