😡 BTC fell below $110K, and ETH below $3.9K - analysts prophesy: the redder, the closer to the bottom.
🟥 In the last 24 hours, 209,423 traders have been liquidated for $816.91 million [$746.96M longs].
📝 4 reasons for the crypto market collapse:
1) Options expiration - $23 billion in BTC/ETH options expire tomorrow. Max Pain for BTC $110K, for ETH $3.7K — whales are moving prices to these levels.
2) Shutdown threat - the probability of the U.S. government shutting down by October 1 is 67%, which historically causes market corrections.
3) Strong economic data - U.S. GDP for Q2 revised to 3.8% versus the expected 3.3%, which lowers the chances of Fed rate cuts.
4) Excessive leverage - retail investors opened highly leveraged positions due to the hype around perps, and they are now being liquidated.
