'Pain markers' emerge on chain - good for the market?
An old Wall Street credo is that the market always tries to deliver the maximum amount of pain to as many investors as possible.
True to that tenet, the crypto market has been administering some primo nut punches to the majority of its participants for the last 5 days.
Since Elon’s anti-BTC tirade last Thursday, the top coin has lost -25.6%, most recently breaking below $43k for the first time since February 8th.
Save for a few outliers (most notably Matic), the last 7 days have been a sea of red for the top 20 digital assets, as the crypto market continues to bleed billions across the board.
And yet despite all of this, we are only now starting to see a few important ‘pain markers’ pop up in blockchain data, suggesting that a directional change may be possible.
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