Bitcoin Tumbles Leading To Dramatic Market Correction – Altcoin Firesale

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Crypto Market Crash

If you have not looked at your portfolio yet today, then you might want to go on about your business and check it in a week or so. In this article, we are going to chat about the current market dip that is finally happening and then laugh at Craig as well.

Nothing should be considered investment or financial advice. Enjoy the ride.

Crypto Market Down Turn

The market seems to not care about price any more as Bitcoin tumbles off the $10,000 cliff into the unknown. In addition, there were over 150 million USD of long positions liquidated on Bitmex due to this, and there seems to be no real support level that investors are leaning on in the nearby future. Approximately 75% of the positions at the time of the dip were long positions on the platform.

Ideally, Bitcoin’s price should bleed out to around the $8,500 level, but since most investors are expecting this, it could stop around $9,000 or plummet further testing $7,000. The reason for the two dramatic situations is because the market never reacts how the majority expects it too. For that reason alone, we should anticipate an unexpected shift of either a lower bottom or quick reversal back into the descending triangle Bitcoin has been on over the past few months after support is reached.

The last few times Bitcoin dropped below $10,000, it was met with heavy buy pressure from seemingly out of no where. We can speculate this was market manipulation from whales or other wealthy individuals or groups trying to keep the market in an upward swing. Most heavy hands will make a majority of their profits from market volatility which is easily created when volume is at lower points.

On the other hand, the benefits of Bitcoin continually climbing increases the chances of global fomo and lends a strong portfolio for collateralizing assets. Regardless, there are plenty of investors that would love Bitcoin to return to lower levels before the Bakkt launch for a quick accumulation period.

Either way, Bitcoin’s dominance level is higher than it should be by most metrics, and the price surge since April has not been met with a harsh enough retracement as of yet. In addition, the CME’s futures contracts are set to expire soon which could indicate a massive amount of sell pressure to utilize these derivative products by investors.

Altcoin Market Firesale

Although most eyes are on Bitcoin, there is a huge opportunity currently for altcoin accumulation. Depending on if you are a Bitcoin maximalist or not, you could easily get almost any altcoin at price levels not seen since Bitcoin was at the $3,000 levels. You need to have a good amount of risk appetite to do this and confidence in the altcoin market that it will return at some point.

Right now, Altcoin season seems more of a meme in the community than a realization. Most investors at this point have either sold out completely of altcoins, invested more than they should have, or are simply just holding their bags.

Some Twitter users argue that Bitcoin’s price first had to crash after the surge in order to make breathing room for the altcoins to come into focus. This argument continues by saying that Bitcoin was suffocating the market and not allowing new money to flow into altcoins due to the extreme levels of rising market dominance. In addition, there is historical evidence to back up these claims. Traditionally, Bitcoin rises substantially and then falls before directly leading into a thriving altcoin bull run. It seems a bit early still for this to happen, but there is always the possibility for one coin to spark a frenzy of investors.

Craig Is the Punchline

The favorite topic of the week seems to undoubtedly be the ruling on the Kleiman Case. As reported, Craig was accused of trying to steal Bitcoins from his former deceased partner back from their early mining days. Following the lawsuit, Craig pieced together evidence that has the entire market, including the judge, laughing.

Allegedly, Craig pieced together wallets that contained over 1 million Bitcoins that he says he partly owns, but does not have access to. In addition to these claims, he has mentioned that he will “magically” get delivered access to these wallets early next year.

The judge figured Craig out from the get go and found most of his documents to be forged and fraudulent. Whether Craig really has access to these wallets or not, is another discussion, but the ending result of the case was that Craig was liable for the 500,000 Bitcoins that were owed to the Kleiman estate. In short, this total is a huge amount that will ultimately effect the market depending on mainly two things: How Craig obtains the Bitcoins and what the Kleiman Estate Does with the Bitcoins.

There is no way of answering either of these quite yet, but the entire market will be watching, and laughing, as this case continues to unfold.

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