Hi Friends,
What are the reason behind Bitcoin and whole crypto market fall.
Is this SCAMS or SPECULATIONS???
Neither scam nor speculation, I believe that after ETFs are approved (ever), Bitcoins will be dominating the whole market at an extremely out-of-reach level which none of the alts might be able to achieve. The reason for Bitcoins' fall was, Bitcoin grew so gradually last year (literally without any reason, but it was all the speed of patience that was held for years before that spike). Considering my analysis over Bitcoins, I can say that every time Bitcoin spiked, it used to come back down to levels that were at least 1/4
th or 1/5
th, I think Bitcoin has already reached its bottom this year and it should carry the rally from now on by taking over the markets with great events coming one by one.
Few days back I read news about a big Bitcoin scam busted in Gujarat state of India.Its approximately $314B( INR 22000 Crore).
Also every day news came from different parts of world about same kind of scams.Are these scams also responsible for crypto market fall and halt growth of this new technology???
I believe this might be true in a case if those scammers were (ever) able to DUMP Bitcoins over markets.
If things are busted, I believe that their effects would also get over sooner, because everything is clear and Bitcoins are (maybe) under the possession of authorities from that point of time because they might auction those coins or may never let us us, which may then be considered as burnt coins as they won't be coming to the markets as the country (India) is not in favor of crypto (not at least currently).
Thanks for sharing your knowledge here.I am from India and I came across two scams through news published in renowned newspapers related to Bitcoin where investors put their money and some scammers because of greed fled from country with investors money and profit.These kind of scams force Reserve Bank of India to ban all financial institutions like banks to stop transactions related to cryptocurrencies.There were officially half million investors invested in Bitcoin and other cryptocurrencies according to taxation department of India.So a ban definitely shatter this market.
Few days back as I mentioned above in Gujarat(India) a big scam by Bit Connect came in to light.Amount of money is big but only few people complaint about it because most of the money is black.
Bitcoin or technology behind it is not responsible but the greedy people who want to run with hard earned money of investors responsible for unrest in crypto market.