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Crypto Market Crash Alert! Black Swan to Slash Altcoins by 60% This Election Week

Andras Crow-Hreidar by Andras Crow-Hreidar
November 2, 2024
in Crypto, News
Reading Time: 2 mins read
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Crypto Market Crash Alert! Black Swan to Slash Altcoins by 60% This Election Week
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As the highly anticipated election week draws near, the cryptocurrency market is on high alert for potential unexpected events, often referred to as “black swan” occurrences. These rare and unpredictable events could have significant impacts on market dynamics, and crypto analyst CryptoCapo TG has recently cautioned investors on Telegram about the possibility of such an event occurring just before the U.S. election. This could potentially lead to an average price drop of 35% for altcoins.

Potential Market Impact on Large-Cap and Small-Cap Cryptocurrencies

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According to CryptoCapo TG, major cryptocurrencies with large market capitalizations, such as Ethereum, Binance Coin, and Solana, might experience declines ranging from 25% to 35%. Smaller-cap coins, however, could face even more dramatic drops, with potential losses between 40% and 60%. This potential downturn is being described by CryptoCapo TG as a “final shakeout,” a scenario aimed at weeding out less confident investors before a prospective altseason—historically a period when altcoins experience significant gains.

Ripple Execs Speak Out

Ripple CEO Brad Garlinghouse has expressed his belief that the next black swan event in the crypto sphere might arise from a sudden, disruptive change that affects the entire industry. His co-founder, Chris Larsen, shares this view, suggesting that a liquidity crisis could serve as the trigger, sending shockwaves throughout the market. Both leaders foresee that the upcoming major event will catch the crypto community off guard, reshaping the landscape in unforeseen ways.

While CryptoCapo TG’s outlook remains cautious, another analyst, Lana Queen, sees a potential silver lining. She proposes that the prevailing bearish sentiment could actually set the stage for new all-time highs (ATHs). With both Capo and Jim Cramer expressing negative views, Queen believes the market might be on the brink of a rally.

Strategies for Investors

In light of the uncertain outlook, CryptoCapo TG recommends that investors prepare themselves mentally, diversify their portfolios, and consider adopting a HODL strategy for long-term gains. Staying informed about macroeconomic trends and global events is essential, as these elements can significantly influence market sentiment. Although there is a real risk of a substantial crypto downturn, it may also present an opportunity for investors to refine their strategies and gear up for an altseason on the horizon.

Could This Year’s Black Swan Event Favor Altcoins?

Given the current climate and the increasing interest of presidential candidates in crypto assets, there is a possibility that this year’s Black Swan event could turn out to be favorable for altcoins. With Bitcoin’s dominance still at 60%, the environment is conducive for altcoins to thrive.

What do you think? Will a Black Swan event trigger a crypto winter, or is this a buying opportunity?

We invite you to share your thoughts on whether a black swan event will usher in a crypto winter or present a unique buying opportunity for savvy investors.

Tags: AltcoinsPrice AnalysisUS Elections 2024
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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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