TL; DR
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Between (you name it) Thursday evening through Tuesday morning, BTC fell ~15% before the halving (bringing the market along with it), mainly thanks to lingering inflation fears.
Full story
In the words of a YouTube thumbnail we recently saw but can’t remember the creator of:
“The night is most gloomy before the dawn.”
Or, if you want that in a more crypto-specific context:
We tend to see a drop in market prices leading up to the Bitcoin halving (which will take place around April 20 this year).
But until the end of last week we didn’t have that Real seen a strong correction.
Good. We have now.
If you’re like us and sporadically woke up to check your Trading View app at 12pm/4am/6am, between Monday evening and Tuesday morning…
You would have been greeted by a sea of red every time, and mentally “pulled a Ralph” (see gif
).
If you not like us, and be a healthy person instead…
Sla tells you what you missed:
Between (call it) Thursday evening to Tuesday morning, the crypto market took a dip, with BTC going from ~$73.5k to ~$62.3k (bringing the rest of the market with it).
Why? The fear that inflation will not fall fast enough → leaving the cost of living (and debt) high → leaving everyone with less money to invest.
(That, and the Grayscale ETF sold a ton of BTC).
Are we through the worst?
No idea! But we take some comfort from it this video This shows that the bull market in 2017 experienced several corrections of 40%, while in 2020 mainly corrections of 20% took place.
With that information we then made ourselves think:
“Maybe this time we will only see 10-15% corrections (like the ones we just saw!).”
Fingers, toes, eyes: crossed.