The crypto market crash has rattled investors, with $712 million in liquidations adding to the uncertainty. While Bitcoin briefly surpassed the $100,000 mark recently, it faced a sharp pullback amid concerns over upcoming economic events, including the Fed’s FOMC Minutes and US job data this month. Market analysts warn Bitcoin may drop further if it fails to hold the $95,668 support level. The December FOMC Minutes, scheduled for release today, is expected to create a disturbance in the market. Experts also warn that economic indicators like labor market data will play a critical role in shaping investor sentiment.
Looking at the current scenario, Robert Kiyosaki, the author of Rich Dad Poor Dad, has shed light on the reasons behind the recent market crash while reaffirming his bullish stance on Bitcoin, gold, and silver. His insights come as the crypto market grapples with heightened volatility ahead of the US Federal Reserve’s FOMC Minutes release.
However, the economic events have caused little impact on Bitcoin throughout 2024 and majorly it is considered a hefty selling where short-term investors try to wane off their previous gains. Bitcoin on a bigger scale is destined to rise.
Why Crypto Market Crashed Today?
Kiyosaki linked the market downturn to decisions made during the 2008 financial crisis, particularly by then-Fed Chairman Ben Bernanke, who prioritized bankers’ bonuses over the broader economy. He pointed out that several sectors, including housing, retail, and automobiles, are now experiencing a slowdown, reflecting the current financial troubles.
Despite the bear scenario, Kiyosaki views this as an opportunity for investors to accumulate wealth. He believes valuable assets like houses, gold, silver, and Bitcoin are becoming more accessible, urging investors to focus on real assets, including gold and silver mines.
Bitcoin: A “Sale” Opportunity
Kiyosaki remains optimistic about Bitcoin, even as its price dipped by nearly 6% to $95,845, with trading volume surging 36% to $66 billion. He described the dip as “great news,” urging investors to buy more Bitcoin while prices are low. His confidence stems from Bitcoin’s limited supply, emphasizing that only 2 million Bitcoins remain to be mined.
Crypto Market Turmoil
Right now the traders are dealing with increasing selling pressure, today the crypto opened with the liquidation of $561 million worth of long positions. While the largest liquidation order came from Binance, involving $17.74 million in ETHUSDT.
Meanwhile, other cryptocurrencies also suffered, with Ethereum losing over 8% and Solana falling more than 9%, and XRP by 5%. For now, investors remain cautious, keeping a close eye on economic developments to sail the downmarket with minimum risk.
