Media Says China to Blame for Crypto Market Crash
The crypto markets are still down the media is blaming China for all of it. We’ll look at some of those media stories. But the narrative of shorting cryptocurrency or manipulation of the market by hedge funds and large institutions or whales, that doesn’t fit the narrative of what media likes to say.
Media blame China for Dogecoin crash.
Media wants to hit the big headline talk about Dogecoin crashing and blame China. Bitcoin, Dogecoin and Ethereum are crashing. Here’s why, China is cracking down again. So this is really more about Bitcoin. The article actually is a little bit tongue in cheek. One day you’re on top of the world making headlines for your upcoming appearance on Saturday Night Live not long after you’re the laughing stock of the Internet. That’s the curse of Dogecoin, along with Bitcoin, Ethereum, pretty much every other crypto cryptocurrency tumbled in value on Monday.
So let’s talking about Elon Musk, which has nothing to do with China. How Bitcoin is being pushed down really has nothing to do with it. But that’s what makes the headline. I guess that’s what makes the interesting article. But then they go on and say, what’s the reason? China.
They talk about China and they talk about how the moves that China is making to crack down on cryptocurrency trading and to stop all these mining operations in different provinces around the country. And what the effect is, however, some people, like Anthony Scaramucci, says China’s Bitcoin ban is short term negative but long term positive. And that seems to be what we’re hearing across crypto analysts saying that this would be a short term thing and that long term to have less concentration of the mining and more distribution of mining in other countries around the world is a good thing overall.
It’s more about Bitcoin, not specifically Dogecoin
But again, this is more about Bitcoin and not specifically Dogecoin. It’s just Bitcoin drives the markets down and they can’t help themselves throwing Dogecoin in. Dogecoin is trading down. So what? There were two items of news on cryptocurrency front. The big news is the ongoing campaign China’s government is waging against Bitcoin. And the other news is MicroStrategy continued piling more Bitcoin onto its balance sheet.
These are the big funds that are driving the price down, pushing the price down. But they don’t really talk about that. They’re going to talk about China and they’re going to talk about all all these other big, sexy headline news. They just mentioned it here, but don’t really say what the true factor is on the manipulation that’s going on, but it mentions it.
Cryptocurrency have had a rough couple of months for a few reasons, including concerns about the environment, impact of mining coins, increasing government scrutiny. And that is correct. That has been something that’s been pushing Bitcoin down and other currencies have followed. Dogecoin was kind of on its own path for a while. But once the shortage of Dogecoin started, that’s what really started bringing Dogecoin down.
Dogecoin is one of the coins that is worst affected
Why is Dogecoin crashing after China’s cryptocurrency crackdown. It’s about Bitcoin, it’s not about Dogecoin. Dogecoin has gone into freefall over the last 24 hours. It has dropped definitely, but so why is Dogecoin crashing it has to do with China and they go on about the Chinese authorities. This all is pretty good, if it’s any consolation to Dogecoin traders.
China’s move did not target Doge specifically, but the entire cryptocurrency market, more Bitcoin causing a broad sell off in crypto currencies across the spectrum. However, Doge is definitely one of the coins that is worst affected, and that’s correct. But why couldn’t they just say Bitcoin? Because it’s really Bitcoin that was being driven down by the China crackdown, not Dogecoin but those coins in an article headlined.
It’s a semi bear market.
So with what is clearly to me is manipulation continuing cryptocurrency markets are still down. When is this going to turn around? I like I’ve been saying, I think it’s going to be a little while. I’ve been talking about sideways trading. Unfortunately, the sideways trading is lower and lower.
So bear market, I think it’s a semi bear market, I would call it. Now, I’ve heard from a lot of you saying it’s a bear market. Cryptos crashing. Well, it’s not a crash. A crash would be an immediate drop. I think there’s too much buying coming into the cryptocurrency markets, as we saw in one of those articles that’s going to continue and that’s going to keep all of the crypto markets from really crashing.