Sirwin
Sirwin

Is there people behind the crash?

By kat-cryt | katcryt | 24 May 2021


Anyone who invested in crypto had really a very hard past 3 days of full red. And there are many reasons to be believed starting from Elon musk to china ban. But there is a Twitter discussion going on between the people and analysts asking if there really are people or any specific company behind all these crashes and purposely made the fear over Bitcoin.

Starting with Elon musk’s withdrawal of Bitcoin’s payments for TESLA cars made a huge discussion on Twitter as he cited environmental issues. But he also stated he is not going to sell any of his holdings at the time of the crash. He finally made a position as he supports Crypto but he just doesn't support the method to mine Bitcoin as he also involves himself with Dogecoin devs in order to upgrade it to become better than Bitcoin.

After Elon musk, Greenpeace also made a decision to stop accepting payments through Bitcoin citing the same environmental issues. However, some people are still arguing the conventional banking system consumes more energy than Bitcoin’s consumption.

We have seen China's ban on crypto mining and as a country, it does have a huge number of crypto people involved in trading, hodling, and mining, and it does hurt the market. But the global crypto market has seen stuff like this before.

Recently, Iran also bans miners who consume a lot of electricity while mining in their households. As the people are able to see the sudden surge in electricity bills. Crypto miners have a vital part in contributing to the Crypto market, if they have been blocked we sure can see the effect in the market. And these recent crashes could be like this. 

 

 

The tweet by Barry Silbert founder of Digital Currency group questioning a specific institution behind the Bitcoin energy usage FUD created a lot of speculations while the market is down. AS there is a rise in altcoins (other than Bitcoin) the market becomes more competitive than before. And people really want to spread their coins on one side and held back by regulations and suffering bans even in certain cases. We can understand that the market is huge and there are always people who try to do things to bring others down in such cases. 

The fame of famous people like Elon musk has played a role in establishing the coin to the people. Dogecoin, the second most famous coin, achieved its place next to Bitcoin when there are other contenders like Ethereum, Litecoin. Due to the fame of Elon Musk, a coin out of basic code suddenly took a place, where other altcoins struggled. This could also make people do desperate measures to spread their coin by pointing out the weakness of those at the top and capitalize on the opportunity to acquire a position in the market in order to survive.

Whether it's a conventional currency system or Modern Cryptocurrency, we all have been humans and we always happen to see the illicit things done by human beings no matter how much we grow and develop.



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kat-cryt
kat-cryt

Sharing my crypto experiences and thoughts


katcryt
katcryt

Tech enthusiast who loves to read and write about Cryptocurrency and well being of Cyptocurrency users

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