Yet again, the crypto market registered a pullback on Tuesday, erasing all gains made over the past day.
Background
- Over the last 24 hours, around $980 million worth of positions have been liquidated from the market
- Among them, long positions accounted for the major chunk — $831.96 million
- Macro weakness continues to haunt crypto assets
- The S&P 500 dropped by 1.76%, the Dow Jones lost 1.48%, and the Nasdaq Composite Index shed 2.64% of its value over the past day
Why should you pay attention?
- The macroeconomic weakness, coupled with the uncertainty revolving around tariffs, triggered the latest correction
- In hindsight, all the assets that registered hefty pumps on the back of President Trump’s crypto reserve announcement ended up becoming the worse casualties today
- According to Kaito’s mindshare dashboard, ADA, XRP, and SOL were the top 3 mindshare losers
Who said what?
- A recent post by Ecoinometrics suggested,
“Given the strong link between Bitcoin and US tech stocks, Bitcoin's long-term recovery depends on the NASDAQ's ability to trend higher”
Zooming out
- Economist Peter Schiff deemed the latest price action to be “the biggest crypto rug pull of all time”
- He demanded the issue to be investigated
Other related reads/listens
- BTC, ETH, SOL, XRP, ADA to Be Included in Trump’s Crypto Strategic Reserve
- SEC Lets Coinbase, Opensea, Uniswap, Gemini, Robinhood Off the Leash
- Crypto Lawsuits Will 'Quitely' Go Away After Gensler Steps Down: Pantera CLO
- Trump's Triumph: America Rides the Pro-Crypto Wave
- Gensler: The SEC has 'Never Said' That BTC, ETH are Securities
