The Crypto market is still struggling to recover from the market crashed last May 19, 2021. it's when Bitcoin falls -53.74% while leading altcoins fall -50% and above. During the market crash, the FUD was associated when China tightened to ban crypto transactions and cracked down on Bitcoin Mining. While Elon Musk started it when he announced that Tesla no longer accepts Bitcoin as payment from clients to purchase Tesla cars.
Own Meme Created via Meme App Generator
Last June 8, 2021 crypto market is in a bloodbath again. Bitcoin was down almost -12% from the last high. As of writing, this article Bitcoin is heading towards $30,000 support. While major altcoins were down -13% up, BCH was negative -14%, Eth was down -14.09% and some altcoins were down -20%.
What is the associated FUD news this time?
Some believe that the crypto market is undergoing a deep price correction from the recent highs and is thought this is just normal, while some believe it has something to do with the FUD news that keeps on circulating, again and again, it's like we always have to bear.. unlimited FUD's.
➡️ Weibo blocked a large number of cryptocurrency KOL accounts
Image shot from Wu Blockchain
Weibo is a Chinese Twitter be like platform, it is the most popular social media in China. According to the data, this has been the most harsher suspension ever done in crypto history, and it may be associated with the response to Beijing's crackdown policy. During this time the market starting to go down, when in fact the market is trying its best to recover.
➡️ Elon Musk Tantrum Tweets
Images from Elon Musk Tweets
Last Friday, Elon Musk started to make some noise again with Bitcoin after the China FUD about the Weibo blocking KOL accounts in crypto. As I have said the market already starting to go down then Elon tweets about a meme.
First is the boy and having a video chat, the girl thought the boy cried because he missed her too but it's watching the chart 📉 going down on his screen. It was funny but it's not funny at all that it triggers weak hands to sell their asset again.
The second was the song lyrics from Linkin Park “In the end, it doesn't even matter” then have a caption of #Bitcoin $BTC 💔. It's like he was implying something, we will no longer be surprised if he tweets sooner that Tesla sold their Bitcoins.
➡️ Donald Trump “Bitcoin seems like a scam, competing with US dollar. I don't like it”
Image shot from The Block tweets
Last June 8, 2021, Donald Trump had an interview about his investment and if he invested in Bitcoin. Then he had his sentiments saying,
“Bitcoin seems like a scam, trying to compete with US dollar. I don't like it.. crypto should be regulated very very high”.
With his statements, he is calling regulators to strictly watch out and regulate crypto at the highest level.
I don't know why some investors listen to this non-tech guy, voicing out his sentiments with ignorance. Like, Bitcoin to compete with the US dollar? Really? 🙈 He is funny.
➡️ FBI seized $2.3 million worth of Bitcoin as ransom from the Colonial Pipeline attack.
Image shot from The Block Tweets
This news had given a negative impact on Bitcoin right now, we know that BTC dominance can hurt the crypto market when it goes down big time.
FBI was able to recover millions of dollars in Bitcoin that was paid to hackers as a ransomware attack, making the East Coast Pipeline shutting down.
If you want to read more about the news you can check the link I attached to The Block Tweets above and the link I will provide below.
It's been hard for the crypto investors this past week and days, seems like the bull run was changed into FUD run because of unending FUD's.. many have gone mad, some even said that they heard someone died due to the market crashed.
It's not easy especially for the new traders and investors experiencing this nightmare, but we should educate ourselves to get through this crypto market uncertainty.
Always DYOR, for the solid fundamentals of coins before investing. Avoid being shaken by FUD news, and always invest what you can afford to lose so you will not be insane.
As always, thank you for reading!