TL;DR
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Between (call it) Thursday night to Tuesday morning, BTC took a ~15% pre-halving slide (taking the market with it), thanks mostly to sustained inflation fears.
Full Story
In the words of a YouTube thumbnail that we recently saw, but can’t remember the creator of:
“The night is dumpiest before the dawn.”
Or, if you want that in a more crypto specific framing:
We tend to see a break down in market prices in the lead up to the Bitcoin halving (which is due around April 20th of this year).
But up until the end of last week, we hadn’t really seen a solid correction.
Well. We have now.
If you’re like us, and woke up sporadically to check your Trading View app at 12am/4am/6am, between Monday night and Tuesday morning…
You would have been greeted each time by a sea of red, and mentally “pulled a Ralph” (see gif☝️).
If you’re not like us, and are instead a healthy person…
Lettuce catch you up on what you missed:
Between (call it) Thursday night to Tuesday morning, the crypto market took a slide, with BTC going from ~$73.5k to ~$62.3k (and taking the rest of the market with it).
Why? Fears that inflation isn’t lowering quickly enough → which will keep cost-of-living (and debt) high → leaving everyone with less money to invest.
(That, and the Grayscale ETF sold a bunch of BTC).
Are we through the worst of it?
No idea! But we took some solace from this video that shows the 2017 bull market saw multiple 40% corrections, while 2020 mostly saw 20% corrections.
With that information, we then gaslit ourselves into thinking:
“Maybe this time around, we’ll only see 10-15% corrections (like the one we just saw!).”
Fingers, toes, eyes: crossed.
