Thread by @sumitkapoor16

In my 10+ years of Crypto experience, I have never seen that kind of market condition where #BTC is down only 3%, and major #altcoins are down 20-30% 😱😳

Let's take a deep dive to know what's going on in the #Crypto market 👇

🔻In the past few hours, the #altcoin market has crashed like there is no support.

🔻So let's take a look at the factors crashing the market, which also include some #FUD.

1. #Binance is selling its holdings.

🔻An account started the rumour that @binance sold mass amounts of coins over the last few months, which caused the market crash.

🔻He also claimed that Binance moved a large chunk of its reserves.

🔻The fact is that this is a false rumour, as mentioned by @cz_binance in his tweet.

🔻So keep building and remember '4".

https://twitter.com/cz_binance/status/1667439122137358336?t=aJYFet0xEwUU8wl6x3zaAw&s=19

2. Robinhood delisting tokens

🔻Yesterday, #Robinhood announced that it would delist all those tokens that were deemed securities by the #SEC.

🔻This includes major crypto tokens like #MATIC, #ADA, and #SOL.

🔻$1.3 billion worth of alts are being held at Robinhood (excluding #BTC, #ETH, and #DOGE), out of which around $583 M are in MATIC, SOL, and ADA that could be sold over the next 3 weeks.

🔻This caused panic in the market as people dumped their tokens in anticipation of a dump.

3. Scimitar Capital liquidating

🔻Scimitar Capital announced that they would liquidate their crypto holdings, and yesterday it was mentioned that over $2 billion worth of alts were liquidated.

🔻So, maybe #ScimitarCapital is behind this mass liquidation, as it makes no sense to come out in public to announce a liquidation even before liquidating it unless you are doing it #OTC.

4. Massive liquidations

🔻One more reason for this dump was the massive liquidation.

🔻In the past 24 hours, over $350 million was liquidated as major #altcoins crashed by over 20%–30%.

🔻The reason behind this #liquidation was overleveraged traders who were gambling with 75×-100× leverage to make it all back in one trade.

🔻So play safe with futures.

CONCLUSION

🔻The market is surely overly pessimistic, as it seems like people are assuming that the US has decided to ban altcoin trading and that every altcoin will be delisted from the US exchanges.

🔻The US and its government bodies are doing everything to make crypto look like the worst asset to hold, but they are forgetting that crypto is global and doesn't need the US to become successful.

🔻 My suggestion is to distance yourself a bit from Twitter if you can't handle the FUD, and also don't look at the charts too much if you feel panicked looking at them.

🔻Spend some time with your loved ones, learn about your favorite projects, and accumulate those in which you have long-term conviction.

🔻 #DYOR, #NFA

🔻In the long run, everything will be fine, I #StandWithCrypto.

Hit like 💚 and retweet 🔀this thread .

Stay tuned for more Crypto updates.

https://twitter.com/sumitkapoor16/status/1667486817128685569?s=20