# WTF Just Happened in Crypto Markets

> What You Need To Know

**Published by:** [Web3 Academy](https://paragraph.com/@web3academy/)
**Published on:** 2023-08-18
**URL:** https://paragraph.com/@web3academy/wtf-happened-in-crypto

## Content

GM DOers, How many of you were watching crypto prices yesterday? I bet your portfolios were looking red and ugly. Maybe your stomach was turning too? Yeah, I feel you. Bitcoin tanked 9% faster than I could walk to the gym (the gym I went to was literally across the street from my apartment 🤯).Seriously though, Bitcoin dropped 9% in 4 minutes! There was $800 Million in liquidations yesterday, the most since the FTX crash. Kylereidhead.eth 🟣 @KyleReidhead Please just stop using leverage Why do you people want to lose your crypto so bad? Lark Davis @TheCryptoLark 800 million in liquidations today. The biggest single day since the collapse of FTX. That's insane. 2 4:55 • 18 Aug 2023 Please friends, don’t use leverage in crypto. They go together like… peanut butter and pickles..? I wasn’t sure what combo to use there. I like Pineapple on my pizza so I couldn't use that one 🤷 Anyway… WTF happened? To be honest, I have no idea. No one does. This is just what happens in super liquid markets that are just over a trillion dollars in size. Crypto is still a tiny asset class vs. other asset classes so markets can move with ease. There were 2 news stories that started circulating at the same time as the markets crashed:Evergrande (the 2nd largest property developer in China) filed for BankruptcySpaceX supposedly announced they sold all of its $373 Million in Bitcoin Inmortal @inmortalcrypto Bitcoin dumps -9% in 4 minutes. 2 negative news around this moment. > Evergrande files for bankruptcy. > Supposedly SpaceX sold all its $373 million Bitcoin. (2/6) 569 6:38 • 18 Aug 2023 Unless SpaceX spot sold all of that BTC at that exact same moment (which wouldn't happen), there’s no way that was the cause. The Evergrande situation is much bigger though, as it could have ripple effects across China and ultimately global economies. This is likely why we also saw a broader sell off across equities too. Either way, it’s impossible to know what causes such short-term price action, especially in crypto where this is completely normal. In fact, we’ve already seen 4 pullbacks of more than 10% just in 2023. Rekt Capital @rektcapital All #BTC pullbacks in 2023: • Early February -12% • Late February -22% • March -9% • April to June -20% • July to August -12% $BTC #Crypto #Bitcoin 147 23:32 • 17 Aug 2023 I bet you forgot about those though, didn't you? We often have a short-term memory when it comes to pullbacks in market, which is why we get scared and worried everytime it happens. In these moments, it’s best to zoom out and look at the bigger picture. Look at the picture of Bitcoin at the top of this newsletter. Now look at this zoomed-out picture of Bitcoin below.Doesn’t look so bad does it? It’s a tiny blip in the price trend of Bitcoin overtime. Here’s my biggest piece of advice to anyone investing in Crypto. 👇🤝 Together with ParagraphParagraph powers modern newsletters, enabling readers to own their content and creators to share revenue with fans. Web3 Academy has already transitioned to Paragraph because it’s the future of newsletters. If you're a creator, writer, or keen reader, explore Paragraph's early opportunities!Check Out Paragraph TodayLearn To Manage Your EmotionsThis is the single most important thing you can do to succeed in this space. jay @0xjaypeg Some thoughts on the last couple years 63 2:48 • 15 Aug 2023 It’s NOT hard to win if you are investing in crypto right now. We are SO damn early. You have 1000s of % gains left in the least riskiest assets over the coming years. That opportunity is unlike any opportunity you will ever have in your lifetime. The fact that you are here, reading this newsletter, right now, is an incredible opportunity. DON'T FUCK THIS UP BY LETTING YOUR EMOTIONS GET THE BEST OF YOU! How bad did you want to sell yesterday? How much did you check the price chart yesterday? Or check Twitter to make sure you weren’t losing all your money? Listen, the short-term price of crypto is pure noise. It’s a tiny asset class that's global and never shuts off. You need to get it in your head that this thing will go up and down double digit %’s all the time. What you saw yesterday isn’t the only time this is going to happen to you. The only thing that matters is: Is the technology still progressing? If the answer is yes, then it’s all good! Relax…assuming you’re investing in legit assets. PSA: If you’re not investing in fundamentally solid crypto assets or you don’t even know what that means, please go take the Profit From The Future: A Web3 Investing Masterclass right now and learn. In fact, here’s what I'm going to do as I write this late night newsletter. I’m going to turn the 33% discount we gave last week for early birds back on right now to make sure you have no reason not to buy it. This course will literally fix your investing strategy and ensure you don’t lose your mind during moments like yesterday. If you panic sold, were scared or confused yesterday. Go take the Profit From The Future: A Web3 Investing Masterclass right now.Start Masterclass at 33% OffHere’s what’s wild about what happened yesterday. $800 million dollars in liquidations and plenty of panic selling in those few minutes. 50 mins later, news breaks that the SEC will greenlight the $ETH Futures ETF. Tytan.ETH @Tytaninc You cannot make this up. At 6:05PM EST, the market tanks liquidating $769M in longs. At 6:55PM EST SEC green lights an $ETH futures ETF. Wild. 122 4:52 • 18 Aug 2023 As a result, ETH pumped 10% in minutes. 🤣🤣🤣 You literally can NOT make this stuff up! Kylereidhead.eth 🟣 @KyleReidhead JUST IN: PEOPLE HAVE ABSOLUTELY NO IDEA WHAT THEY ARE DOING WhaleWire @WhaleWire JUST IN: $ETH surges over 10% after SEC green-lights first ever U.S approval of #Ethereum Future ETFs. 11 5:35 • 18 Aug 2023 If you have not figured out yet that you can NOT time these crypto markets, then I don’t know how to help you. Anyone who sold the bottom or got liquidated lost a 10% pump in a matter of minutes. Wildness! icebergy ❄️ @icebergy_ Past hour. Love this industry 475 4:42 • 18 Aug 2023 I’m going to leave you with some advice I shared on the podcast this morning. Here’s what you have to look forward to over the next 2.5 years if you don’t f this up.“History doesn’t repeat, but it often rhymes” is a common term in investing. This couldn't be more true in crypto. Crypto works in cycles and though its not identical, it’s pretty damn close! Anyone who used leverage yesterday lost some capital that will benefit from the next 2 years of a bull run. If you’re worried about what happened yesterday, understand that this happened in every cycle… Oddly enough, it happens In Aug/Sept in every 4 year cycle too! Benjamin Cowen @intocryptoverse Remember, this #Bitcoin correction has always happened in Aug/Sep of the pre-halving year. It happens due to a seasonal correction in #SPX (down 4% this month) in the pre-election year. Benjamin Cowen @intocryptoverse During the last 3 pre-halving years, #Bitcoin fell below its bull market support band in Aug/Sep. The purpose of this correction is to flush out as many of the scams and cash-grabs prior to the the halving. No guarantee it happens this time, but certainly a strong possibility 1,926 6:17 • 17 Aug 2023 And if you’re wondering what will happen next? Remember, we have no idea. But if we look at the past, Septembers aren’t too friendly to crypto markets.But check out October 🔥 and most months after October after a bear market year. 🔥🔥 These are the perfect times to be adding to your positions, not selling them, or getting liquidated. 🤦 This is when you need to think back to my biggest piece of advice.Control Your EmotionsDon’t get greedy and lose your assets. Don’t get scared and sell your assets. If you want to make money in crypto, buy solid assets and HODL (HOLD ON FOR DEAR LIFE). If you want to make MORE Money in crypto, BTFD (BUY THE FUCKING DIP). It’s seriously that easy, friends. Now kick back, have a drink, and enjoy summer. Have a great weekend, everyone. 🍻Thanks for reading. And remember, you're strong, you’re powerful, you’re alpha! ❤️See you soon. ✌️Disclaimer: This article is for informational purposes only and not financial advice. Conduct your own research and consult a financial advisor before making investment decisions or taking any action based on the content.

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