From the time Musk has announced that Tesla will stop accepting Bitcoin, there has been a lot of FUDs regarding the currency. And with every one of these news headlines, the price of the currency has taken a beating. Is the bull run over? Is Bitcoin going to crash again like in 2017? Should I take out my money even though my portfolio is 50% down? Is it risky to invest in crypto? The answer to all these questions is “No.” This is not financial advice but a small history lesson that teaches us patience is the key, and HODLERS have always won.
The FUDs are hitting Bitcoin hard!
Yesterday, the market started with a good move and even went to $42k. It was a strong position for BTC as $42,000 would have been good support if the coin was able to hold above that. And then there was a new that pushed the price of Bitcoin directly to $38k. And this was again the Bitcoin ban news from China for the 100th time in the last few days. I really don’t understand, are most people this negligent that they don’t understand that the news is fake or not. It is also rumoured that that these FUDs are being spread in order to spread fear and bring down Bitcoin’s prices.
This is probably being done in order to shake weak hands and newcomers to the market. There have been rumors that whales are manipulating the market to accumulate Bitcoin at lower prices and then, once the accumulation is over, push the prices up again.
And as all this is happening, the biggest downfall has been suffered by altcoins. Most of them are down by 50% ot even more in the last few days. WRX coin that was already suffering from market downfall is now falling even more as the market is collapsing. We also have WIN, BTT, DOT, UNI, ADA, MATIC, XRP, and many other coins that have been in a downtrend.
What can we expect now?
I think this is going to continue for a few more days before the market starts to get stable again. As the whales have successfully brought down the prices quite a lot, we can now expect accumulation in the next few days, and then the prices moving up again. This also means that we can expect that BTC and all other altcoins will make new ATHs in the next bull move, and the markets are going to see green again. We can also see the market cap of the entire market rise again as they have fallen significantly since the downside began.
What are your thoughts on the continuous negative news that has been influencing the crypto market? And do you think that this will get fixed soon? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: Crypto exchanges go haywire as banks don’t allow deposits
