A carnage that grips the cryptocurrency market with fear.

Cryptocurrency markets lost a total of $1.2 trillion in two weeks, resulting in the biggest retracement in valuations of 2021 and potentially the best buying opportunity in history.

Is the bull market over?

What we just witnessed was quite extraordinary on the downside, with Bitcoin falling 53% and Litecoin falling 64% respectively, but this activity suggests that Tesla is not as hot as Bitcoin. You may sell your assets. waterfall Coins Flow Back into the Market As more investors see their profits threatened, it sets off a chain reaction and sets off a self-fulfilling prophecy. The panic, which was limited to Bitcoin, spread quickly. Musk has since gone out of his way to reassure everyone. Tesla will not be selling and plans to maintain its position as a diamond hand.. Given the context of these moves, it seems more likely that the market is still broadly strong, but it may take time for some of these large investors to regain the confidence they are experiencing for the first time. On-chain data analyst, Willie Wu is full of confidence. As a joke, there’s still room to run, according to the network’s underlying user and capital activity:

“The bull market isn’t over yet, but I need to tweet quickly because the bosses here at McDonald’s are very strict about coffee breaks.”

Ark CEO Cathie Wood, a major early investor and believer in both Bitcoin and Tesla, is unwavering, calling this activity a capitulation. Mentioned in an interview with Bloomberg Business Week​

“We looked at all the indicators this morning, and they all suggest we are in a surrender phase. This is a good time to buy, no matter what the asset is. The surrender phase is ‘buy’ and it is selling.”

From a technical standpoint, Litecoin is severely oversold and historically, declines of this magnitude have led to reversal gains of 20-40% the following day as the market attempts to find balance.