In the last two months before August 18, Bitcoin was in such a zone where people started to doubt its adventurous nature. Bitcoin was described as boring and lacking traction. Obviously, these observations about Bitcoin came due to the fact that Bitcoin prices have never been less volatile than in the last two months. This is something that we 'crypto geeks" probably do not associate with Bitcoin. Let us take a look at what happened in the 2 months leading up to last Friday.
After a brief rally on June 18, Bitcoin has hovered around the 30k zone for 2 months, with most days seeing a gain or loss of 1% or less. This low volatility can be directly attributed to low speculation. There was no movement in the prices as there was no major news or rumours from the crypto space. Let's take a look at the chart of the last two months.
Then suddenly, out of nowhere, we could retrieve news, reports, and rumours, all of which brought negative feedback. In response, our favourite cryptocurrency Bitcoin took a downward turn, hitting a new two-month low on August 18. We witnessed the biggest one-day drop since the FTX collapse in November 2022, with more than 1 billion positions wiped off the entire crypto markets.
In this article, I don't want to go into what reports and rumours caused this sharp decline. Instead, I want to congratulate the big whales who wanted this collapse to happen anyway.
So, congratulations to those who wanted to buy at a lower price. Congratulations to those who can manipulate. Congratulations to those who want to win at all costs.
Let me explain why this recent crash is different from other similar events. First of all, there is no valid reason why an asset should fall so much. When FTX filed for bankruptcy, Bitcoin fell 15%, and who can deny that as a valid reason. On Friday Bitcoin Bitcoin fell 12% and this time there was no bankruptcy, no ban, no SEC or FED reports.
In short, there is something cooking inside. There are people, organisations like Blackrock and Fidelity Investments, and even governments that are on the verge of embracing Bitcoin. I'm not against them, because eventually they would lead Bitcoin to a larger goal of 'mainstrean adoption." It is only a matter of time when this happens, but beware of them because they would try anything to maximise their profits.
It is true that when Bitcoin becomes mainstream, it will be the best time for all of us. At this time, it is better not to lose hope and not to lose your pockets. Bitcoin fell for no reason this time, but remains undefeated. The fundamentals are as strong as ever. There is still nothing better than Bitcoin when it comes to creating a decentralized economy. So keep your faith in what's right and let nothing robe your values.
Thank You for Reading.
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