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Why Was The Crypto Market Down this Week

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Avatar for Pantera
Written by   568
2 months ago

Image from PixaBay (by crispy-fotografie)

The last few days we are being bombarded by negative news that seems to all come from credible sources.

It is mid-week already and it was expected for Bitcoin and cryptocurrencies to drop, but it seems this didn’t happen for reasons we thought, but with another orchestrated attack by high officials in the USA and the EU.

Since last week there were thoughts of Bitcoin dropping because of GBTC and the final unlocking of tens of thousands of BTC in the form of Grayscale Trust shares. These shares are traded in a secondary market (OTCQX Exchange) and according to analysts during the previous unlockings this year there had been a massive “dumping”.

Moreover, lately, we’ve learned miners were moving BTC to exchanges, however, the price held at 30k resistance and still hasn’t moved too much below this support yet.

The negative news and quite often pure FUD and fabricated news are bombarding us daily. This is orchestrated as it happens very often, sometimes during times of accumulation, and others when a bear market has initiated.

Too much negativity escalated quickly

No matter all this negativity, BTC seems to be stuck at 30k. It could drop lower, but how much and what kind of actions will it take by governments or big corporations to discredit the crypto market further?

Let's see what kind of news is escalating right now and if this is FUD or not. These are just from the past couple of days.

Some TA about the price dropping below the 50 Weekly moving average, I'm not even sure why this would mean that the price will drop to $13K as Cointelegraph seems it is suggesting. What is the approach of Cointelegraph to justify its claims? Some Tweets and some fractals again from another Tweet. As usual, the TA crypto news has the opposite suggestion too, with a secondary prediction that the price could retest $40,000 after a possible bounce.

I can't definitely say that this is FUD and I don't want to characterize the author. The title however is clickbait and starting with this price prediction means that it is something this news magazine would want to happen.

In my opinion, shorting the bottom is not a great idea. (market proved this right since it is already back above 30k)

A thousand rigs were destroyed after being confiscated from illegal miners. This is news that was reported negatively, but when I see ASICs thrown on the street usually it means the bottom is near.

Now, this is a new kind of FUD this time coming from the EU. We are covering the whole globe in just one or two days of FUD news.

This is as usual about the criminals that move money overseas to bank accounts in the Caymans using what else but cryptocurrencies. Because the bank cartel of the EU with the Malta departments was never used to launder trillions of euros outside of the EU the previous two decades.

The puppet government of the European Commission has found the scapegoat it needed. Major FUD that can't do anything. Nothing to fear nothing the EU could ever do about that. This event will only empower Crypto in the EU.

There is so much more with the most serious coming from Janet Yellen:

This was the news that pushed the price below 30k, but this was also a move that didn't last since already prices start recovering.

Take a look at more negative news that was published yesterday:

All of this news were published yesterday with some being pure fud without even making meaning.

Conclusion

Madeira, Portugal

Image from PixaBay (by crispy-fotografie)

Most of what I was reading yesterday was worthless negative news that was made with strong headlines to induce a price drop.

Price didn't drop too much and those that were interested in buying, just started today. Sadly this manipulation is strong on the crypto news.

Today the news is again balanced, however, yesterday there was an organized escalation of negativity coming from all crypto media.

This is also the reason that crypto media is considered biased and not a quality source of information by established websites like Wikipedia. Notice that Wikipedia will rarely cite Coindesk, Cointelegraph or any other crypto related news-site.

Anything we read should be taken with a pinch of salt, as quite often it could just be the imagination of a writer and not based on actual events.

The market was down because it was manipulated to do lower. It is still not over and maybe with a second level of fud-like news it could bring more price action to the downside.

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Avatar for Pantera
Written by   568
2 months ago
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Comments

There is so much clickbait around and biased adverts so to speak. A good round up and pretty much what I have found this week too.

$ 0.05
2 months ago

It is the kind of market that attracts this kind of speculation and many of these articles are paid by big players.

$ 0.00
2 months ago

Yes, I did figure that big players were behind some of it.

$ 0.00
2 months ago

Hmmm, so that's what happened. Good thing I'm not checking on those sites. :)

$ 0.01
2 months ago

More or less yes. Most of these online magazines are biased and often contain concealed paid ads made to look as articles, without notification.

$ 0.00
2 months ago

I understand that you are talking about a campaign to instill fear in 1% of the population. I think the objective is to discourage the remaining 99% to gradually induce them to adopt the CDBC that they will soon launch.

$ 0.05
2 months ago

The news I've read yesterday were mostly fabricated and reported in a way to make it look like the market was going to crash.

Of course whales manipulate and try to buy as cheap as possible, but then there was the Yelen news too. This was about the CBDCs of course as you explain.

Notice that yesterday it was Nouriel Roubini coming out of his hybernation and talking again about CBDCs.

Of course prices were going higher after all this bs lol.

$ 0.00
2 months ago

Greed and lies, a heady cocktail for fools. Thanks for your thoughts on this.

$ 0.00
2 months ago

I really like Malaysia as a country but seeing the scene above of mining equipment being destroyed by the authorities just breaks my heart.

$ 0.01
2 months ago

Why couldn't they just use them for mining? lol. That would make more sense instead of destroying them. Might has to do with sending a message of backing China, I'm not sure how to interpret this otherwise.

$ 0.01
2 months ago

Maybe they don't understand Crypto

$ 0.00
2 months ago

I believe they are working very tirelessly to push the price downtrend even when there is no truth in the news they spread. I have seen a lot of FUD motivated news, especially when on YouTube, I wonder what will be the next major move of the crypto market. We just have to be very careful at this time.

$ 0.01
2 months ago

Hope that they won't bring the market down more and it will begin rising from here. I was very surprised to see this king of negativity in just one day, and reminded me of earlier times like 2018.

$ 0.00
2 months ago

I hope so too... What we have been facing is just a man-made FUD... I just pray we start seeing the bull from now.

$ 0.00
2 months ago

Totally agree with you, is manipulation and brainwashing to create a matrix. But it can't last too much time, i am convinced of that.

$ 0.01
2 months ago

The lies don't last, the market looks like it is on the bottom, and many are playing their games now. I agree completely, the lies will not last for long.

$ 0.00
2 months ago