China is trying to keep pressure on the crypto market once again! And this time, China is going to crack down on Bitcoin trading and mining in their country. And I know you already saw the chart! Bitcoin is collapsing again after second continuous news from China.
This is clearly a coordinated attack on the crypto market. I don't know what China and the giant whales are up to. Maybe Whales want people to sell off their holdings so that they can buy from the deep. And maybe China is thinking of their own digital currency so that they can beat the BTC. Whatever it is, this is not good for the market and all the small investors who actually demand to see a normal market, not manipulated!
Here's the full news if you missed it - China vows to crack down on bitcoin mining, trading activities
According to my thinking, this news isn't as big as the market is acting. And why do I think this is a coordinated attack?
China releasing this type of news almost every year! Source
To be honest with you, when the news came up, what time was it? 10 pm or 11 pm in China? That doesn't seem like a reasonable time to release the news on cracking down Bitcoin. This could have been done in the morning also!
And price dropped again from around $42,000 to $37,000 after the news. But this news isn't as drastic to me as it seems. China released this type of news in the past years and started a panic in the market. They do it every year when the market is on a bull run.
I don't know what "China will crack down BTC transaction" even mean. I don't know how they will do it! I'm eagerly waiting to see that. Let's consider the population of China, tons of mining, tons of rigs, tons of GPUs. So, let's see how they are going to crack down on mining. I personally think they can't do that.
There was no headline, no fudding when the market was rising continuously and went to $64,000. Suddenly China is concerned and all kinds of news are coming like the US treasury seeks to get the report of Crypto transactions, China is banning crypto. Even Elon Musk is declaring to ignore BTC for Tesla payment. Look at the timing of all the news, within a week, I think.
I wonder if these are the headlines to drive the market down to get long again. To make more money in the coming years. So, it's better to hold, wait and see. It's not the end of Bitcoin.
GUYS ATTENTION AGAIN - According to my analysis it seems like a preplanned attack.
Suppose I am an official of the Chinese government. Why would I release a piece of news at midnight Chinese time. I will better wait till the morning and release in the official hours. I feel like this is a little bit old news and fudders are using it to bring down the market.
The Crypto market is too much volatile. If you didn't know earlier, now you know after seeing the market. So never put your all eggs in the market on the same coin, as Warren Buffet said.
If you are in the market since last year and holding, you are still in a safe place, I think. You are still in the profit. But I am feeling sorry for those investors who just got in the market and experienced this crash. And altcoins are also drowning with Bitcoins, so those who also invested in altcoins are seeing loss.
But the formula is don't sell when you are panic because that's what Big investors want you to do. They want your coins at a low price. Hold, and the market will be stabilized again.
And as I said in my previous article, if you have some money to buy from the dip, I think it's your time. Do your analysis and purchase some coins so that you make some money in the future.
Now you see how volatile the crypto market is. Don't put your life invest here; just invest what you afford to lose.
And if you panic, you lose.