Current scenario of the crypto market is little bit skeptical. Any sort of global news, may that it be positive or negative is somehow correlatively affecting the market in one way or another. The recent issue of Iran and Israel is somehow trying to dominate the market in serious ways. Any country between Iran and Israel being/attacking each other, the market is responding to that and its fluctuating in a very volatile way.
As you may notice the chart below is of 1 hour BTC/USDT trading pair. The step downtrend during the starting of the month October took place due to the war news of Iran and Israel. Which was a major down in price. Although, many veterans in crypto predicted this issue might arise and tried to alert crypto users to stay vigilant and take part in trades in caution. Although, it happened quite fast and many users were bound to accept some loss upon their due to the trades hitting their Stop Loss.
On a recent turn of event a wallet linked with ETH foundation has been selling ETH. And that even in a big chunk. Well might be because of covering cost or something related to the foundation but at this point of the market where it is taking a hit and also not to forget ETH is also not getting much of a volume in CEX. Lets see what really happens in the market in the coming days.
The present scenario is quite complicated. Nobody really knows what is going to happen in the coming days. Which is why as of this moment I would rather hold onto the tokens that I have in my wallet rather than taking a chance for the time being. Or else the situation would come up to this. You end up selling and the market just kicks off and you end up with close to no profits at all.
One major update regarding Donald trump getting favored in the election of US. Crypto folks are aware regarding the fact about the upcoming US election. It will one way or another impact the overall crypto market is ways which the crypto market has never witnessed before. If Trump gets to win over Kamala, we the Crypto Hodlers are going to see a major positive numbers in our portfolio which we never have expected. Also not to forget, if kamala gets to win over Trump, it will be a blood bath.
There were rumors regarding many veterans who claimed they will liquidate their crypto assets and switch to gold and other physical assets until the situation calms down. But as it is seen ELON MUSK is supporting Trump in several ways. Which is literally making a huge difference. Also the publicity and the positive impact Musk is having in all social medias is a positive sign for Trump. Overall, it might be one of the biggest scenario for us all in the coming days.
Nevertheless, anything can happen at any point of the time. Lets see what awaits for us in the coming days.
Image Source: X, TradingView
