When BTC broke below 63,000, everyone in the market was looking for doom—exclusively in crypto.
But when Asian chip stocks are getting hammered and the US market hasn’t even opened yet, this 24/7 BTC market gets used first to vent pressure. A lot of people always like to turn every down move into some exclusive crypto-side story; but when risk assets get settled together, it’s the thing that can be sold off at any moment.
The most awkward moment for crypto is when you think it has its own independent narrative, but others just treat it as a risk asset.
But when Asian chip stocks are getting hammered and the US market hasn’t even opened yet, this 24/7 BTC market gets used first to vent pressure. A lot of people always like to turn every down move into some exclusive crypto-side story; but when risk assets get settled together, it’s the thing that can be sold off at any moment.
The most awkward moment for crypto is when you think it has its own independent narrative, but others just treat it as a risk asset.