Bad news for crypto: China FUD and Trump
Hey folks, It's been a while since I last posted anything about crypto or my prediction on any coins. Actually, it's been a very bad market condition as we all know the crypto market is very volatile and there are lots of FUDS going on.
The bitcoin market is unstable and dumping after 10th May with Elon musk's tweets and so other FUD with bitcoin. But recently two major bad news came out for bitcoin which has shaken the whole market again. The first one is another china bad news on cryptocurrency which is Chinese twitter-like social media Weibo banning cryptocurrency-related accounts. Many crypto influencers were unable to access their account on Saturday. The reason that was shown is a violation of their toes where they mentioned relevant laws and regulations violation. This shows strong resistance to bitcoin.
Another one is, In a recent interview with Fox Business, Trump said bitcoin is a Scam. He says:
Bitcoin, it just seems like a scam," Mr. Trump said. "I don't like it because it's another currency competing against the dollar.
After his statement, the market crashed from sideways and still going down and seems like it's again going towards the recent swing low($30000):
But if you look at volume, you will see there is not much volume in recent days. Many believe that bitcoin is now in the Wyckoff accumulation zone and I have seen some people commenting, it will go back to $30000 again according to the Wyckoff pattern. You can read more about the Wyckoff method from here: The Wyckoff Method Explained: By Binance
After Trump's statement on Twitter we can see also many people defending bitcoin:
Besides this bad news, we had some good news as well but they didn't seem to have much effect on the price which makes me feel it's actually in the accumulation zone.
The most positive event that happened recently was the President of El Salvador Saying: He’s Submitting Bill to Make Bitcoin Legal Tender. You can read more on this here. Without this Michael Saylor company, MicroStrategy keeps buying every dip of bitcoin and has recently Announced a Proposed Private Offering of $400 Million of Senior Secured Notes to acquire additional bitcoin. Read more here. Though his company's stock is not doing good lately, he is pushing for bitcoin for a time being.
Anyway, this is a very sensitive time. The crypto market is very volatile. It's more fearful when we talk about alts as we have seen alts dumping 2x even 3x with bitcoin. So be extra cautious when investing in alts. Don't invest a big amount in anything or in only one project. Diversify your investments.
I myself am trying to find low cap gem coins in this bear market which can give massive returns if it turns out to be a good project with a bullish sign on the overall market. I am currently researching and invested small on one and might share about it in some days. Legal Disclaimer: I am in no way a financial advisor nor is any content in this article presented as financial advice. This post is my personal opinion, do your own research before making any investment decisions. Executing any trade after reading this post, is completely your responsibility. I can not be held responsible for any of your losses that may occur. By reading this post you acknowledge and accept that.
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