The cryptocurrency market is experiencing a severe downturn. The key metrics are as follows:
Bitcoin (BTC): The price plummeted to as low as $83,824 on Monday, marking a decline of nearly 30% from its all-time high in early October. It is now trading around 32% below its peak.
Ethereum (ETH): Suffered deeper losses, dropping up to 10% on the same day. Overall Market: The combined crypto market capitalization has retreated to approximately $3 trillion, down from a peak of $4.3 trillion in October. 2. Primary Drivers of the Sell-Off This decline is not an isolated crypto event but part of a broader, global shift in risk sentiment. The primary catalysts are: Bank of Japan (BoJ) Policy Shift: The most significant trigger was a signal from BoJ Governor Kazuo Ueda hinting at a potential interest rate hike in December. This has raised serious concerns about the unwinding of the yen carry trade, a major source of global market liquidity. This scenario echoes the market turmoil of August 2024, where similar fears caused Bitcoin to drop 18% in days . Analysts suggest that if history repeats, Bitcoin could be headed toward the $70,000 range. Thin Market Liquidity and Leverage Unwind: Market conditions were already fragile. Liquidity Drying Up: Bitcoin's market depth (a measure of resistance to large trades) has fallen significantly from its October peak, making the market vulnerable to sharp moves. Massive Liquidations: Nearly $1 billion in leveraged long positions were forcibly closed during Monday's drop, creating a cascading selling effect. ETF Outflows: Spot Bitcoin ETFs saw $3.5 billion in outflows in November, removing a key source of buying pressure. Concerns Over Major Corporate Holders: Market anxiety is compounded by speculation around MicroStrategy, the largest corporate holder of Bitcoin. The company's CEO, Phong Le, stated that if its key valuation metric (mNAV) falls below 1, selling Bitcoin would be considered a "last resort" to raise capital. Given its holdings of approximately 3%
Donald Trump has ignited a firestorm across global markets and policy circles with a stunning proposal: eliminate U.S. income tax entirely and run the federal government using tariff revenue alone. 🇺🇸🔥
It’s one of the most dramatic economic ideas introduced in modern U.S. politics.
🧨 What Trump Is Suggesting
Instead of collecting federal income taxes from Americans (and potentially corporations), the government would rely solely on import tariffs — taxes placed on goods entering the country. In theory, this would mean Americans keep their full paychecks, untouched by federal income tax.
Trump claims tariffs have grown into a “massive” revenue stream — large enough that a tax overhaul might be achievable “within the next few years.”
⚠️ Why Economists Call It a High-Risk Gamble
Analysts argue the math simply doesn’t work. Tariffs today generate only a tiny fraction of what income taxes bring in.
To replace current income-tax revenue, the U.S. would need extremely high tariffs, which could:
Push prices of imported goods through the roof Accelerate inflation
Hit middle- and lower-income families the hardest Damage consumer purchasing power Reduce trade and spark retaliation from global partners Solely depending on tariffs also creates unpredictable revenue — imports fluctuate with economic conditions, making long-term budgeting unstable.
🌍 Implications for America — and Beyond
For Consumers: Everyday essentials — food, electronics, household goods — could become significantly more expensive. For Businesses: Companies dependent on global supply chains may face major cost spikes. “Made in America” could shift from branding to necessity.
For the Economy: The tax burden might end up shifting toward middle-income households, while high earners could benefit depending on their spending habits.
Wait a minute 🤨🥶 Is that $WCT waking up with 37% massive spike, i have seen this dude at above $1 and now it's at $0.1, what a downfall 😮 #Binance #wct #bitcoin #Write2Earn