Trump and Elon Musk vs Biden team!

Many asked why $BTC and crypto market crashed? It is not about correction. It is a war of power between team of Trump and Elon Musk vs Biden team.

Biden issued a bill to give away money to congress and some other places under disguise of good will; but Trump and Elon Musk and some others are against it. So, Biden team implicitly threatened to shutdown the government. This means, they cut some costs.

Government shutdown usually has a short term negative effect on the whole market and as a part on crypto market. Why? It is time of uncertainty. So investors take away their money from a more volatile assets (crypto and then stock) and put it in more secure assets (eg gold). That triggers a lot of sell which results in price drop.

So, #marketcrash is not specific to $BTC or $ETH or any other coin. It is a tough time for all of us. It could quickly recover if they retract the bill.