Holy crap those were some serious drops out there over the weekend. My altcoin portfolio was cut in half in the blink of an eye and this was again one of those moment that I am just happy not using any sort of leverage because this would truly have turned into a grande liquidation event. I wasn't paying a lot of attention to the market actually because I was more outside but there were a lot of things going on all at once.
Over the weekend it was getting more clear that when a country announces some drastic changes like putting up an import tax on imported goods from mexico and canada to 25% according to BBC, that this has some serious impact on the market. I am deliberately staying out of the opinion factor on if this decision is a good or a bad thing, leaving the politics game to people who are more in the material than I am.
What I do know, this has a grande impact. The sentiment went to crap and the market makers jumped in to make it even worse. In any way...they always benefit from buying in lower so they love to make it even more worse for a bit.
Bitcoin wasn't even doing that bad on the news, I mean a 4% drop sounds reasonable for a bigger event. But the alts...even the bigger and stronger ones...damnnnn
Tether FUD
On top of that news there is also that Tether USDT will be/has been delisted in Europe as you can see on btcdirect.eu all of a sudden. Surely it is not 'all of a sudden' entirely, there has been a cloud of FUD around Tether since donkey years. But recently there was a change in the MiCa regulations and this is the result of it.
A crazy amount of stablecoins has been delisted and I have no idea how this works. Because uhh...There are stablecoins for a reason. What willen happen to the trading pairs? Since this is only in Europe surely they still will exist, but some things will change for sure. But when bigger players like crypto.com and coinbase start with these things, it does trigger a lot on the markets.
Capitulation event??
I don't have the feeling this will be the final capitulation event for alts, especially because their lead market follow token BTC also doesn't sound the most stable as yet. In other words...I wouldn't be surprised if more blood is coming, but hey....who am I.
These market conditions are truly something else, everything feels so unstable and volatile I have no idea in what direction we are heading. Even one of my favorite tokens RUNE has gone to crap last week as rumours of insolvency came popping by. That story is also far from over as yet.
As said...even though my portfolio is cut in half (can't head down to USDT for a 'stable' moment anymore right? get it?). But hey...what else is there to do than just shut the computer, take a walk outside and do nothing else? Just wait until the market is taking a clear direction again. Because I don't know what the direction is. Until that moment...we accumulate...
Disclaimer: As always: this is no financial advise and just my opinion which might as well be based on nothing. Do your own research and act accordingly.