Bitcoin Crash and Market Bloodbath on unconfirmed WSJ news
The WSJ published unconfirmed news that Elon Musk's company, SpaceX, has sold all its bitcoins. As soon as this news went viral, the bears attacked the crypto market.
BEAR ON BITCOIN
Bitcoin was trading up and down for a few months at a stable $29k, occasionally falling to $28k and rising to the $30k level. Day traders were making profits. This time, BTC fell to $28k and was just about to rise again when the WSJ's rabid bears attacked and ravaged Bitcoin to the $25k level.
BEAR ON THE CRYPTO MARKET
The crypto market is largely dependent on Bitcoin in the same way that the world economy is dependent on the dollar. So as soon as the bears dominated bitcoin, they became a terror on the entire crypto market as well. The bears also drove bitcoin rival Ethereum from its ongoing stability of $1.8k to $1.6k.
SURVIVOR SERIES
There were also some cryptos whose bulls galloped and benefited their investors, like INJ.
There were also some cryptos whose bulls fought with the bears and protected their investors from huge losses, like DOGE.
No, I am not saying that they have done de-bitcoinization or something like de-dollarization, but the bearers of bitcoin were not effective for them for unclear reasons.
A cautionary tale of the volatile crypto world: The Bitcoin crash triggered by unconfirmed WSJ news underscores the need for reliable sources and the unpredictable nature of digital markets.