WHY IS THE MARKET DUMPING?
Bitcoin just dropped $2,400 in an hour, while alts are in free fall as usual. Here’s why:
1. Everything is dumping
- Stocks are dumping today
- Precious metals are dumping
- Only DXY is up
This is a sign that investors are exiting assets, including crypto, and moving into dollar.
2. Weak economic data
- US home sales fell -8.4% last month, the worst in almost 4 years.
- Initial jobless claims came higher than expected, which means a weak labor market.
- All this indicates a weakening economy, which increases the odds of recession.
3. Government shutdown
- The odds of another government shutdown this week have risen to 96%
- This is bad for the economy and markets as liquidity dries up during shutdown.
My thoughts
- The US economy is now facing some turbulence.
- This is affecting the stock market and the crypto market too.
- I think this could continue for some time until Trump announces another trade deal or some liquidity injection to boost the markets.
I invested in crypto, it crashed.
So I switched to stocks, thinking they were safer. Nope, they crashed too.
I ran to gold and silver as the are safe havens right ?…They crashed.
Cashed out everything into dollars for stability…then the US dollar started tanking.
Finally the dollar calmed down a bit, so I put it into a fixed deposit at the bank.
Then the fucking banks started crashing.
Where the hell are we supposed to go?
🚀 XRP Breaks Key Resistance
XRP pushed past $3.16, with Fibonacci targets at $4.39 and $5.85 in play.
Supports at $3.01 and $2.85 hold firm as bullish Elliott Wave momentum builds.
Futures OI is up 3%, while SEC ETF delays keep October in focus.
#XRP#Crypto#Altcoins