Kidding.
I don't think today's bitcoin dump was a coordinated effort by international banking cartels to make El Salvador look bad. Maybe not directly. Might have been some folks who work for international banks trading in their personal accounts. But this is Occam's Razor application time, because we've seen this happen numerous times.
Whenever there is too much bullish leverage in the system, it gets flushed. The El Salvador event was a perfect storm, because most people equated the country's bitcoin announcement with can't-miss bull price action, and that's just not the case.
El Salvador bought 200 bitcoin. Good for them, but not a big deal for price action. Michael Saylor's bought more than that multiple times without moving the price. Even Elon Musk's purchase didn't move the price. Most people outside of crypto don't know about the significance of El Salvador, so the event as a news item is a passover for normies. Put another way — the El Salvador buy itself isn't enough to move price up. Nor is the announcement.
But too many traders thought that other people thought it would. And that's a perfect time to come in and liquidate some noobs.
Hope you picked some up. Drops like these are great distribution events. There might be another drop down to $42k because the bearish momentum may flush out a few more suckers. Personally, I'm not spending my whole wad buying back in immediately, because not everyone wakes up and panics at the same time.
Hopefully you have also been taking my advice to find your preferred defi platform as well. Centralized exchanges, as is their calling card, all broke down during the dump, disallowing people the ability to get out before the dump or buy the best parts of the dip.
Otherwise, I'm dancin. 20% drop in an hour? Psh. What else you got?
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