On October 10, a rapid sell-off occurred in the cryptocurrency market, with altcoins decreasing around 33% swiftly. Bitcoin, however, maintained its long-term trend, leading to an approximate total market loss of $560 billion.
Charlie Erith from Wiston Capital attributes the sell-off, in part, to President Trump’s tariffs on Chinese imports. Despite this, he emphasizes that the market was weakening independently of these developments, indicating potential risks to investors.
Erith is monitoring Bitcoin’s 365-day moving average as a critical indicator for market trends, urging caution with high-beta tokens. He notes Bitcoin’s increased dominance suggests a flight to safer assets amidst heightened uncertainty.
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