Manipulation has been going on Crypto for a very long time. The market cap of all cryptocurrencies combined is around 1.7 trillion dollars. That makes it a smaller market cap combined with all the coins, like Bitcoin, Ethereum, Litecoin, XRP, Doge, etc. Why I am saying, that's smaller! Because the market cap is still similar or less than an individual company like Microsoft or Apple.
When we think about all these giant institutional players with tens of trillions of cash they can bring into the markets, the potential of manipulation is absolutely massive.
And you know that cryptocurrencies made a lot of millionaires and few billionaires as well. There are early Bitcoin investors people who might have just stumbled into it and mined 10-20 thousand Bitcoin at the beginning of crypto; those people are still out there. Those whale accounts are out there, and they play the market regularly.
But this time, maybe we are seeing the institutional level of manipulation. You have to accept that this is the reality of the market and learn how the game is played! Don't be a victim of that situation! Understand when all these guys out there fudding Bitcoin.
When you see all the media are saying Bitcoin is breaking all times high, it gives you a feel like everybody will be a millionaire except you; that's the time to be careful. You know the old saying - "Be fearful when others are greedy. And be greedy when others are fearful."
This saying definitely applicable to the cryptocurrency market.
We have a lot more market manipulators besides all these market players. Yesterday Elon Musk tweeted a meme about Bitcoin, and immediately Bitcoin collapsed by $1500 and still price going down. I don't know it's the effect of Elon Musk's tweet only or some other players are manipulating the market with him. This is the aftermath of Elon's tweet. Basically, he can manipulate the market by billions of dollars just by a Tweet!
What was his Tweet? Bitcoin with broken heart symbol! And of course, read the meme attached with it.
So, what's that mean? Maybe it means nothing! Maybe Elon Musk is trolling BTC. But my question is - why do we even care? Why people even care about this shit?
Does that mean Tesla already sold all of their BTC? May be!
Would I care if Tesla sells all of their Bitcoin?
I liked Tesla being with Bitcoin. Because I like Tesla as a company and their products. I think they produce really greats cars. But I don't care because if Tesla sells all their holdings, still it's a fractional percent of the entire supply. It's not the most terrible thing for crypto. We are seeing tons of investors piling into the Bitcoin to buy the dip!
Giving attention to Elon Musk isn't a positive thing for traders. I think so many bots are running on his Tweets; they buy or sell according to Tweet's positivity or negativity, I guess. People get notifications on Elon musk tweet something positive they buy Doge, something negative they short Dogecoin. That's how Elon Musk's tweets are manipulating the market. He is playing with a market like a joke, and all the newbie investors are moving with the joker. Unfortunately, he has become the most powerful force in the market, which is not positive!
We also have the reality what happened here in the market. When we have panic events like Elon musk's tweet, China fudding, regular people realized losses. This is a chart from PrimeXBT, they are saying 1.2 million BTC were sold at between 5-25% losses in the exchanges.
Basically, what this data shows is that BTC was sold in losses. That means people who bought BTC at 50 or 60 thousand dollars sold their coins at a loss. And 1.2 Million BTC is a vast amount! So, lot of Bitcoin enters into the hand of new investors. And I guess most of them are big players who wanted the market to go down.
Just think again about what just happened within the last 10-15 days! Dozens of news telling how bad crypto is, lots of fudding about BTC, lots of China news, and so on! This is not just happened within this time period; this is the preplanned attack which I already told in my previous articles. So that they can buy people's holding at a low price and make more money.
China FUD, Elon Musk's FUD, regulatory FUD all things are happening together. This is the game! This is the game that big institutions are playing. And if you fall into this trap, you're a loser!
