Crypto Trader Eugene Ng Liquidates Altcoins, Warns of 'Legendary Difficulty' Market
CryptoNewsTerminal Staff05 Aug, 2024
Crypto Trader Eugene Ng Liquidates Altcoins, Warns of 'Legendary Difficulty' Market
Eugene Ng Ah Sio, a renowned crypto trader with a vast following, liquidated his altcoin positions after Bitcoin (BTC) fell below $60,000, indicating a bearish sentiment in the market. Ng stated that the market structure of major cryptocurrencies appears weak, leading him to prioritize capital protection over aggressive long positions. He advised against catching "falling knives" and emphasized the importance of being prepared for extended downturns. According to Ng, the recent market plunge stemmed from the combined impact of rising approval ratings for US Vice President Kamala Harris and the liquidation of the Archegos trade. This has resulted in heightened market uncertainty and created challenging conditions for traders. Ng's cautious stance serves as a reminder for investors to exercise prudence and manage risk effectively in the current market environment.
