The Whales of cryptocurrency sold both small and relatively large investors a panic and reaped a fortune. The crypto markets will likely be in a state of flux for some time. Right now most cryptos have lost up to 54% of their value, such as #Bitcoin.
Personally, I lost around 49% of my crypto but I refuse to panic.
The last time we saw a dump of this magnitude was around 2013. The crypto markets are subjective and timing is everything if you seek to buy or trade.
However, this time it is quite obvious the market was manipulated by the whales so they could wipe out the little guy and buy the dip. This is precisely what they did.
Whales consist of individuals and/or groups who have vast wealth and are able to easily manipulate the crypto market. Due to their enormous wealth, power and influence, they are able to crush the small investors.
Imagine a real whale and its enormous size. Now imagine yourself on a beach on a beautiful day, alone, and soaking up the sun and its warmth. You decide to take a selfie to post on your social media accounts. Out of the blue a whale washes up on the beach and, guess what, you are crushed.
This is what happened when the #Whales manipulated the crypto market. The Whales created a false decline by selling their coins, and, like most who watch the crypto markets, people noticed the selloff and panicked. This caused #holders to react in the same manner, falsely believing that the sales were system generated.
But they were not!
Once the crypto market dropped like a ton of bricks, people sold in essentially an unparalleled panic. Whales then proceeded to buy up billions in coins at very low prices, and within 10 minutes the manipulation worked to their financial advantage. Small people and panic sellers lost their proverbial shirt.
The running narrative from the Whales is that the market needed an adjustment. Sometimes it does and Whales serve a useful purpose. But this was a greedy move. You see, the more the Whales there are, the better position the coin is in.
Unfortunately, those who sold are out of the market, most forever. because of volatility, others are waiting with bated breath for an uptick in the market. Personally, I am buying some #Cardano though only about $50 worth. I am aware the market may see another decline but I am willing to take the risk.
The Whales sold fear, uncertainty, and doubt (FUD) and succeeded. My advice is not to panic but rather to study the markets and invest wisely, not risking more than you can afford to lose. Oh, and beware the Whales. Don't be taking a selfie on the beach be crushed in the market.
Caveat emptor!
Nice. Where do you get your knowledge, if you don't mind me asking?