Justification for Monday's Altcoin Mash

[{"selector":"#anim-82b6baf2-3c45-4be2-87aa-5c41569ccb0b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-513464c7-8725-44a9-b5ce-f824044b7637","keyframes":{"transform":["translate3d(0px, 272.75719%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] No news again meant bad news for numerous altcoins on the crypto market Monday. While these declines weren't alarming, they drained many crypto portfolios.

[{"selector":"#anim-c37254a4-d191-4d46-9c0c-ff0cb6425d86","keyframes":{"transform":["rotate(-540deg) scale(0.1)","none"],"opacity":[0,1]},"delay":0,"duration":1000,"fill":"both","iterations":1}] Formerly high-flying cryptocurrencies The Sandbox (CRYPTO: SAND), Sui (CRYPTO: SUI), and Axie Infinity (CRYPTO: AXS) fell 6% in late afternoon trade. More precipitous falls were recorded by Stacks (CRYPTO: STX) and Maker (CRYPTO: MKR), which were off by 7% and 10%.

[{"selector":"#anim-46b040c2-104e-438d-8e8b-1f533cdb22d2","keyframes":{"transform":["rotate(-540deg) scale(0.1)","none"],"opacity":[0,1]},"delay":0,"duration":1000,"fill":"both","iterations":1}] No news is depressing. Not one of those cryptos got terrible news. People are selling them because they lack positive items. It's not surprising. In just a few months earlier this year, several dramatic developments boosted demand for such assets and raised their costs.

[{"selector":"#anim-4cf929d7-68bd-432c-887b-3c79da984513","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c85f5b2f-9823-496e-816a-39b7d0ae1bb2","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Spot Bitcoin (CRYPTO: BTC) exchange-traded funds were approved and introduced in January, making it easy for crypto enthusiasts to buy and hold the most popular coin. Bitcoin's latest halving delighted investors because its price usually rose sustainably after that once-every-few-years event.

[{"selector":"#anim-c3fe8363-7ae6-47b8-9191-c4262b9caee1","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-cc8e843b-af1e-4126-b9db-c4d781f32f47","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Hong Kong will launch spot crypto ETFs on Tuesday. This doesn't yet excite digital money. Meanwhile, crypto investments seemed to be growing in the global and domestic economies.

[{"selector":"#anim-af2034b5-514c-476f-864f-33bb3e03ddd3","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Some significant data sets showed inflation was starting to fall, which lowers interest rates. Lower rates encourage risky assets like cryptocurrencies, increasing demand for your preferred coin or token.

[{"selector":"#anim-91b3a9b8-5687-4357-ae5c-6b88873783f5","keyframes":{"transform":["translate3d(-115.2381%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-51134201-9fef-40fc-9f39-cf9084707279","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5d68a818-665e-4cbc-b827-4695e3fc2105","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Since then, inflation has been harder to regulate, and many profit-takers have taken advantage of Bitcoin ETFs and enthusiasm about the 2024 halving (which happened earlier this month). Bitcoin's path frequently matches that of many altcoins. The price dropped to slightly over $63,000 late Monday afternoon. Just a week ago, it was near $67,000.

[{"selector":"#anim-9c2bdc4e-a74f-4a30-b56f-beeda8732a81","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c7765eb6-2a86-4721-823b-6d41d9419fbd","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Situation is better than some imagine. Being an altcoin is hard. In addition to the macroeconomy and geopolitics, they're often influenced by Bitcoin. However, crypto bulls shouldn't despair. Recently, macro news has been mostly positive. Geopolitically, the Ukraine war and Middle East are improving incrementally. Cryptocurrency believers should "hang in there and stay positive" now.

STAY TURNED FOR DEVELOPMENT