The cryptocurrency market witlessness a rapid drop within the past 24hours with many coins falling by above 10%. The drop is so sudden that it can make one wonder what is going on. What can we say is responsible for this massive movement?
It boils down as how much the whales has total control of the market. If there are whales that are dumping right now, then the consequence will be far more greater. However, I still believed that this sudden drop might has something to do with FUD or negative news. I speculate that there are bad news that cause this panic. We will find it out in the next couple of days.
If there's no bad news, then we can blame them to the whales. But if you a whale, it doesn't make sense to dump at $6400-$6500, they have set up the bull trap around $7K. So for me that's the best time for whales to dump and take profits and not with the current price. Anyways, this market is really prone to manipulation so I wouldn't be surprise if this sudden plunge was due to some whales dumping and re-buying at cheap price.