After reading this post, what is the true reason making crypto price drop? market manipulators? hacking issues? Are hacking issues alone responsible for cryptocurrency price drop today? How do you think?
Assuming crypto is a manipulated market, wouldn't those in control want to drive the price down so they can buy cheap?
'those in control' know they ain't worth anything, that's why they have gradually brain washed the public, and distributed to the public. https://www.dailyfx.com/sentiment 4:1 long/short ratio among retail traders.... too obvious. a bubble is not the best analogy... a bubble pops to an instant void. a speculation cycle doesn't work that way... 'those in control' did very well, pump it up to $20000, so on the way down every number looks very cheap... that's how retail thinks... then you throw in all the media coverage, all the moonshot projections, all the bitcoin IRAs... the public is basically all-in at this point... and the price action for the past months looks like the whales have been quietly distributing.... once they run out of takers, and the public realize they have been conned, that's when the race starts, to zero.
https://coinmarketcap.com/ without opening this link... can you name 1 coin from #50 to #100... right, all are white papers with zero real life use, yet every day $m's or $b's traded.. who are trading so much on these? likely 99% of the volumes are just whales moving from 1 account to another.... it's like a fisherman jiggle the lure.... and we are talking about 50 white papers with $b's market cap... I wish I came up with this con earlier than these guys. and #1 to #50 aint that much better either.. $100b for the entire crypto space is being generous... NFLX that is in almost every household, is only $130b. The crash may well overshoot down to $50b, so we are looking at 60-90% down from here. Mining cost is irrelevant, just a distraction.
Manipulators (whales) manipulate BOTH ways because they care about profits and not ideology. But it is hard to tell, when big money moves in shallow markets, price will move no matter what even if manipulation wasn't intended... But if you are asking about the 20K to 7K drop, that is just the bubble bursting and smart people selling off.
Ideology is something new in this bubble hehe... these kids are brain wash to 'resist' the president, and break away from the 'oppression of the Fed', for a better world tomorrow.... unbelievable... so these kids can't succeed in the real economy, and this digital puff of thin air is their way out. The scammers did very well this time... Satoshi and other whales hide in the back, and they put up some front men... the smooth talking andreas antonopoulos, (did they say never trust a greek), and numerous not so smooth talking clowns, such as that 'crypto-genius' guy, whatever his name is. Then you have all the media coverage, the bitcoin IRAs... then there is the moral support to the HODLers, like there is extra credit to holding the bag if the spelling is wrong. Well - sit back and watch the train wreck.
Well, I could say internet stocks were manipulated in 1998-2000. Many went out of business remember Pets.com, because Pets can't drive. This is a new paradigm and this is a process. Why are big players coming in if this is going to go away.
The more interesting question is this; How come there is no escape to safety crypto? Almost all of the time all cryptos move together. In stocks when a company had bad news money moves to other similar companies in the same sector. But not with cryptos, they act like it is just one giant ponzi, no fundamental evaluation based on usage and features exist. That fact doesn't bode well for the future of cryptos. By now we should see a safe heaven crypto that is fairly stabil or gets money when other cryptos are dropping. Yet even the newer and more advanced cryptos move with BTC...