$TRUMP token has crashed -21.5% and wiped out nearly $161 million from its market cap in the past 24 hours.
This came after investors sold before Trump's Crypto Conference, a classic "sell the rumour" event.
But that's not the only reason.
Over the last 3 weeks, the Trump team has deposited $46 million worth of tokens to exchanges.
As of now, $TRUMP is already down 96.5% from its peak, wiping out $18.1 billion from its market value.
REMINDER: 🇺🇸 The White House will host a meeting today with bankers and high-level crypto executives to discuss the crypto market structure bill.
We need this Bill to stop the manipulation.
Something weird is happening in the market right now which I have never seen before in history of crypto.
Bitcoin dropped sharply from $110K to $90K in just 14 days, but at the same time, BTC dominance fell by 4%.
In simple words:
The Others/BTC pairs (altcoins against BTC) have fully recovered from the October 10 crash.
This tells us one thing very clearly:
Non-ones panic-selling altcoins right now .
The entire move looks dominated by top-level players operating mainly in the Top 10 coins, especially $BTC, driven by cartel-level rotations.
This could be a major internal switching of hands among large players, a mix of distribution + strategic accumulation before the next phase.
The only hope that stands out right now is that BTC dominance is falling and altcoins are holding strong.
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ETH/BTC just flashed 3 bullish signals, a good look for the altcoin market:
👉 Bull flag forming on the 1D Chart
👉 RSI breakout from a 3-month downtrend
👉 MACD just printed a bullish cross
Bitcoin has just closed its weekly candle below the 50W moving average for the first time since March 2023.
We need to bounce and close above $103k this week, else we are totally fcked.
BITCOIN dropped below the Weekly EMA50, a key dynamic bull support since 2023.
To keep the bullish trend intact, we need a weekly close back above this band.
The last time BTC closed below the EMA50 was Aug 2023, and it took about a month before a massive rally followed.
Let’s hope for a strong weekly close tomorrow
ALTSEASON HASN'T EVEN STARTED YET.
● 2 rate cuts
● End of QT
● Russell 2000 ATH
● ETFs approval
These all are happening now.
I think the alts will catch up really soon.