For whatever reason, cryptocurrencies and equities both went into correction mode today after both being on a bit of a bull run the past few weeks.
Often we can point to a logical reason that helps explain a pullback like a mistimed tweet or an ETF rejection, but this correction spanning different asset classes probably has more to do with profit taking after a run than anything (i.e. a standard correction).
On the plus side, many cryptos are still up from their previous lows (especially BTC itself). If crypto can find footing there is still room to continue on with the uptrend… and if not, then not.
This is to say, cryptos and equities corrected today, not sure why; from here we are likely to go up or down (or, if not up or down, then very likely sideways).
NOTE: One could say “this was because Goldman Sachs decided to focus on custody solutions and put the breaks on their crypto trading desk.” However, that doesn’t explain why the equities market is down. Meanwhile, one could say, “equities are down because maybe there might be a government shutdown in the U.S.“… but that doesn’t explain why the crypto market is down. Maybe both those things played off each other, but to me feels a bit like fishing for reasons to explain a natural correction spurred on by big sell orders and a little good old fashion panic.