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Come on, Crypto is truly on fire!!!
Just within these past few weeks, there was shocking news that could have sent the entire crypto market crushing, but on the contrary, crypto keeps soaring higher and higher than ever. This is out of the ordinary. It’s an unusual thing to see how the crypto market used to respond when there was any news circulating around it, whether good or bad.
Well, for those of you who don’t have any idea what's happening in the crypto space, I will summarize everything for you.
Finally, the court case between the SEC and Binance has come to a crossroads. Unfortunately, Binance and CZ were bombarded with huge sums of money to pay to the US government as a way out for the crime charges they were proven guilty of, with Binance alone paying a whopping amount of 4.3 billion dollars. For CZ, an amount of 175 million dollars is needed for his freedom from custody.
Mr. Changpeng had also admitted to being at fault and, for this reason, stepping down as the CEO of Binance, with a new CEO being appointed in the person of Mr. Richard Teng.
Following all the negativity around Binance and CZ has forced crypto traders and investors to withdraw a whopping 1.3 billion dollars from the Binance exchange. No one is to blame here because I would have done the same just to avoid any misfortunes. Who knows, it’s possible the funds on this exchange can be frozen anytime by the SEC or even Binance itself. The best option now is to switch to another side until the ocean wave is calm. The storm is just too much around Binance and CZ for crypto investors and traders to take.
This brings us to the main issue at hand now. We are all aware of how the crypto market moves to the beats of news. Positive news rides crypto to a positive height, and vice versa. Looking at all these negative dramas and attacks from every angle, crypto is responding positively rather than the usual norm of negative responses. There is a bullish trend in the midst of all the attacks. Isn’t that alarming and surprising?? Yes, it is, but I think there is a reason for that.
Why a bullish market rather than a bearish market??: There are just two good reasons for this wonder.
First on the list is the anticipated Bitcoin halving event expected to happen in the middle of next year.
Bitcoin halving is a whole topic of discussion on its own, but from a layman’s perspective, bitcoin halving is an event that happens every 4 years. On the day of Bitcoin halving, there is always a ridiculous pump in the Bitcoin price, if not immediately, after the Bitcoin halving causing the entire market to respond directly. There is a direct relationship between the price volatility of Bitcoin and altcoins, even if not totally, partially. This is why, most of the time, when there is an increase in the price of Bitcoin, other coins also increase in price. Not necessarily the at same price changes, but the impact is always positive when it’s positive on Bitcoin.
All the Bitcoin halving we have witnessed so far has brought about huge pumps and bullish trends in the crypto market. This means it’s likely to happen again. Rational investors will probably accumulate more since cryptocurrencies are very cheap now looking at the new anticipated price after the halving, even cheaper just a few months ago. Letting go of a crypto bags at this point in time is very risky. It’s possible there might be a bigger pump before the grand finale: bitcoin halving.
Hence, most crypto traders and investors will hardly let go of their crypto bags at this point when more giants like Blackrock and Fidelity are aiming for Bitcoin ETFs. Looking at this, there is going to be more holding than dumping, even when everything seems to be crushing. This, I believe, has been the reason behind the recent bullish trend in the crypto market and will continue until the long-awaited event of the year takes place.
Secondly, majority holdings rather than the usual longer minority holdings.
Gone are the days when crypto used to be in the hands of just a few elites, giving rise to the existence of whales who become monopolies within the crypto space and have the power to influence the crypto market in their favor. Now, crypto is spreading more than we can ever imagine. There are basically thousands of new signups every day, and more investors are hopping in. The SEC's assistance is making cryptocurrency even more popular and well-known. The various attacks by the SEC against crypto and some crypto giants have drawn more attention to the crypto community. This has caused more curiosity and a dare game in the crypto space, making more interested individuals venture into crypto. Crypto is evenly distributed now. It would be very hard for a crypto whale to control the market since crypto is in the hands of the majority rather than a few elite whales.
Blockchain technology and cryptocurrencies are the future, and the future is already here. Crypto is now a household name and in the hands of the majority. This means a stable price reaction, contrary to what we have been noticing over the years with theinterference of a whale. This is one reason why the prices of cryptocurrencies keep soaring, even when the crypto-world bank Binance and other exchanges together with some crypto gurus are under attack. I am expecting 60k for Btc before the end of the year. Get more into your crypto bags!!
HAPPY READING
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