What Is Happening With Dogecoin! Bullish or Bearish?
Dogecoin, sitting at 32 cents before then we saw a nice, nice bounce to the downside. But like I’ve been selling you a pullback or a consolidation in a bull market and an upward trajectory or opportunities in this market. We saw Bitcoin get down to low as 47 thousand and Dogecoin touch some very, very low 20 cents.
And that was an opportunity to pick up. While there was a lot of fear in the market like we’ve been talking about in the sense of fear equals opportunity. So let’s take a quick look and explain what happened.
The SEC took aim at fraud in the cryptocurrency market
First, the SEC took aim at fraud in the cryptocurrency market. When you’re talking about cryptocurrency in the SEC, that’s going to drive a lot of fear in the market also. There is going to be a lot of articles, mainstream news, and they’re going to try to make it a big, big deal to try to scare the retail investors out of their cryptocurrency. So the institutions, the big money can load.
Federal Reserve Bank does not approve of cryptocurrency
Then the other one is Federal Reserve Bank, president blasted it at ninety five percent fraud, hype, noise, confusion. And that’s not shocking. OK, so we have the SEC who is coming after cryptocurrency. That should not shock nobody. Now we’re seeing a Federal Reserve Bank that is saying that he does not approve of cryptocurrency trying to drive fear in the market.
The banks are the ones that are and the biggest spot to be worrisome. They understand that Bitcoin and the entire crypto market is here to replace them. And they do not like that. So, of course, they are going to try to strike fear in this market.
President Bush’s new Treasury Treasury secretary may want to sweep all crypto currencies away and replace them with one central bank’s digital currency. There’s nothing to be worried about. We are going to climb right back.