🔴😞 Market Analysis — 7-11-18
Bitcoin has plunged below the psychological $100,000 mark, wiping away a staggering $1 trillion from the crypto market’s capitalization in a matter of hours. The sell-off echoes sharp anxieties circulating Wall Street, with macroeconomic jitters around slowing U.S. growth and an extended government shutdown compounding the cascade. Tech stocks have mirrored crypto’s turbulence, their valuations rattled by high-profile moves, including Michael Burry’s $1.1 billion bet against AI stocks and warnings from Goldman, Morgan Stanley, and Elon Musk of an imminent correction. Risk-off sentiment is palpable; investors are pulling back as the uncertainty swells, and even stalwarts like Ethereum and XRP are stumbling alongside Bitcoin.
The immediate outlook remains fraught: While some industry veterans spot signs of capitulation reminiscent of previous bear turns, others argue the scale of recent liquidations could lay the groundwork for a sharp contrarian rebound if macro winds stabilize. The next days will hinge on Bitcoin’s ability to hold its line above key support levels, lest a further slide toward $92,000 or even $72,000 kicks off. Traders are watching for liquidity flows and institutional buying, with Grayscale’s fee-free Solana Trust and whale accumulation providing glimmers of hope. For now, the market is a stormy sea—opportunities abound for those brave enough to navigate the volatility, but risks loom large just beneath the surface.
- Bitcoin breaks key psychological level; $1 trillion erased in hours
- Macro headwinds—shutdown, tech corrections, bearish bets—set the tone
- Short-term watch: liquidity, support levels, whale signals