*German Government is selling its Bitcoin treasury.
* Japaneses crypto exchange Mt. Gox begins the repayment in Bitcoin to its user and the news is that 99% of total Bitcoin will be sold.
* Labour Party won the election in UK which always has “Anti Cryptocurrency Stance”.
You have been hearing some bearish news at the moment and probably thinking how come all of these negative/ bearish things appeared together all of the sudden or why there is negative news coming one after another.
The answer is, It’s actually designed this way. Smart money likes to play the game this way. Bitcoin is more than a trillion dollar asset and some big players are involved in this. So they hold the negative news and when market starts correcting, they drop them one by one like USA dropped Little boy and Fat man on Japan.
They hold the news to use it as “Fuel” when the time comes.
Here is an example to understand this more effectively-
In the first quarter of 2021, Price of Bitcoin surged massively.
In April 2021, Bitcoin created an All time high when Price surged to almost $65,000. After that there was a correction to $47000 and then price retested around $60,000 on 10 May 2021.
Here is the chronology of what happened in those months-
14 April- Bitcoin created its all time high by reaching to near 65,000 USD.
17 April- Gary Gensler was appointed as chairperson of US Security and Exchange Commission. ( He started giving anti Bitcoin statement right after that)
Gensler reiterated the SEC's stance that Bitcoin is a "speculative, volatile asset" that is primarily used for illicit activities, such as ransomware, money laundering, and terrorist financing. He contrasted Bitcoin with precious metals like gold, silver, and platinum, which have consumer and industrial uses.
11 May- Bitcoin pumped again to 60,000 USD.
13 May- Elon Musk suddenly realised Bitcoin is bad for environment. He tweeted “Tesla has suspended vehicle purchases using
Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.
Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.
We are also looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction.”
18 May- China banned Bitcoin mining.
I think you get my point here. These things happen each year.
In 2022 we witnessed Luna and FTX crashes and some other major companies like BlockFi, Celsius, 3 Arrows, and Voyager digital went bankrupt. The whole point of Bitcoin was to build a decentralised system so any centralised institution cannot control it and wrong decisions taken by few people can’t have any impact on it but still Bitcoin got affected so much by these centralised institutes and by the wrong decisions taken by only few people who were the heads of those companies.
So what can we do after knowing all this?
Nothing, you can do nothing about it.
So what is the point of this article?
I wrote this because I saw people freaking out.
After reading this article you will have a little bit more peace in your mind ( I hope so) because it’s just nature of market.
Thank you
#Bitcoin❗ #bitcoin☀️ #dumpNpump #US_Job_Market_Slowdown #MtGoxJulyRepayments