CoinWorld.com reports:
BTC and ETH have once again plummeted today, shedding over $300 million in the past 24 hours. Long positions exceeded $200 million, leading to liquidations of 120,000 individuals across the board!!!!!
Today, Brother Chong is here to guide everyone through the current sentiment and recent events in the crypto sphere! Firstly, why this major drop? There are three primary reasons:
1. The movement of BTC from Mt. Gox, reportedly starting to repay, spread bearish sentiment causing panic among investors and prompting many whales to exit.
2. Governments worldwide have been selling seized BTC, creating significant selling pressure. Although each sale is small, their cumulative impact is substantial. With the crypto market already jittery, even the slightest disturbance is reflected in the charts.
3. Recent economic data has been mostly bearish. Rumors about the Fed’s interest rate cut being delayed until September have unsettled the market. Additionally, news of small mining farms and miners selling off BTC further dampened sentiment.
Most investors are feeling anxious! So, how do we dispel this volatility in the current crypto market? Let’s hear Brother Chong’s insights!
If you’ve been following Brother Chong’s recent live streams or updates, you’d know the current market situation. For BTC and ETH, the trend remains bearish, with no signs of reversal. The altcoin market is even more unpredictable, with poor liquidity and substantial token unlocks and selling pressures. What should we do now? Brother Chong already gave the answer on June 24th!
1. **Clear Thinking**: Position management is crucial. As Brother Chong emphasizes, never go all-in at any time. It’s advisable to maintain a balanced portfolio. Even if you follow this advice and lose money, at least the losses won’t be as severe. Less loss is a kind of victory!
2. **Short-term Strategy**: The current market is only suitable for ultra-short-term trading. Hold off on trying to catch the bottom; instead, wait for stability before re-entering. It’s okay to earn less; being trapped can take a long time to recover!
Brother Chong has highlighted recent bearish news; now let’s look at the positives:
1. Ethereum’s ETF submission is approaching. If approved next week, it could bring significant funds into the market, stabilizing both Ethereum and the altcoins.
2. Rumors suggest the Fed may struggle to hold off on rate cuts until Q3, which could signal good times ahead!
3. Former US President Donald Trump supports Bitcoin, suggesting it could become a strategic reserve asset, enhancing US geopolitical strength and economic stability.
Brother Chong’s advice for the current market:
1. **Avoid Contracts**: Don’t engage in contract trading.
2. **Avoid Reckless Replenishment**: Don’t add to positions without careful consideration.
3. **Focus on News and Brother Chong’s Advice**: Keep informed with market news and Brother Chong’s guidance.
4. **Patience is Key**: Don’t rush to recover losses by opening contracts hastily; it’s unreliable!
5. **Have USDT Ready**: Be prepared at all times; the approval of Ethereum’s ETF could lead to a significant bullish trend!
Stay strong, all you great crypto consumers!