The recent crash has led many to believe that whales are controlling the markets, and obviously, that’s true. Even Vitalik Buterin, the creator of Ethereum, said that he knew crypto markets could crash. This is why reports suggest that he sold about 13k of his Ethereum coins above $4000. He did say that bubbles are hard to predict, but the kind of influence social media and Musk’s tweet had on the market made this obvious. He also added that Musk’s influence would fade away, and things will get better.
Crypto markets crash
Ethereum made an all-time high of $4370 after the market crash on the US tax news in April. The kind of rally it had was unmatched by any and every time do we see a non-stop 100% gain. But yes, after that, when things started to look awesome for every currency, Musk happened. The markets crashed after the Tesla news, and after that, FUDs started to flood the market as whales started to manipulate the prices to their advantage. Those who bought in at a higher price were panic-selling, and big investors are accumulating. I think within a few weeks market will recover, and we will see prices move up again. As of now, all coins are looking very bearish. Let’s wait and see what happens.
Buterin’s take on the crash
Buterin said there have been 3 big crypto bubbles until now, and he thinks the reason for that is that technology is not there yet. He thinks that even though the price of crypto has been surging, very little has actually be accomplished in the space, and therefore prices keep collapsing. But he also thinks that crypto is much closer to getting mainstream than it was 4 years back.
He also despised the Elon factor, which is really unbearable in the crypto market. If one person’s statements influence a market’s entire direction, then the market is obviously not mature enough and is very new. But he also believes that markets will learn soon, and sooner or later, Musk will lose his influence. Vitalik Buterin does think that Elon is nothing having any negative intent in any of this.
What are your thoughts on the statements made by Vutalik Buterin? And do you think we will witness an upside move in 2021 again? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.