Dogecoin And Crypto CRASH!! What’s Next??
There was a huge crash that happened around about 24 hours ago. Most of that was caused by greedy leveraged traders. Remember, the market is often manipulated. The whales and institutions often manipulate the market.
The president of El Salvador tweeted that he bought bitcoin after the dip. They loan it to these countries and charge interest. He also thanks for the dip and IMF news. The IMF is like a bank. They have their own currency called SDR. And this SDR, they loan it to different developing countries and they loan it over a long period of time and they charge interest.
International Monetary Fund (IMF) doesn’t like cryptocurrency
So what’s happening is, as we all know that IMF they don’t like cryptocurrency, they don’t like it because the International Monetary Fund, they’re a bank and they don’t want cryptocurrency around because it’s going to affect their their currency (SDR). And they don’t want countries in South America, developing countries to not go to them anymore to get these loans. So the other scary thing for the IMF is that also we see Panama also is releasing new cryptocurrency laws that is also dictating that they may in fact start to go the way of El Salvador.
So we have we had the greedy leveraged longs that got wiped out because exchanges are they see that look they can force a price down to the max pain level. We have whales who also want to buy Bitcoin at a cheaper price. So that’s downward selling pressure. And they probably force that to happen, too. And then also, we had the IMF as well that are also looking at. They don’t want Bitcoin, so that’s why they created this whole cascading event. So those are some of the events that caused this overall crash.
What’s going on with Coinbase?
So we saw that yesterday Bitcoin briefly nosedives 18 percent, Dogecoin tumbles 30 percent and market stages wiped out as El Salvador market cryptocurrency becomes a legal tender. So overall, it was not a good day for El Salvador. And also the other thing that really is kind of interesting is that yesterday, too, that Coinbase suddenly their system didn’t work. It’s like they’ve not seen Bitcoin drop before. And also right now, if you want to go and buy Bitcoin on the dip, Coinbase is still having problems. So what’s going on with Coinbase? Is this accidental? Is it intentional? We don’t know.
Bitcoin is not considered to be currency or a legal tender in Denmark
Something smells fishy in Denmark. Denmark is a part of the development of blockchain technology, having a highly educated population and advantageous investment climate. Bitcoin in not regulated in Denmark. Danish authorities allow the usage of Bitcoin as a payment tool, as an asset and as a good. However, Bitcoin is not considered to be currency or a legal tender. Bitcoin exchanges in Denmark are not a part of any regulatory authority’s jurisdiction and are free to perform any legal activity.
So was this a coordinated effort by whales or by centralized exchanges? Yes. Because remember, Coinbase decentralized exchange is IMF behind some of this reasons for causing the drop, perhaps. So all of these things cascaded together and created this Bitcoin flash crash and also the timing. The timing is also kind of weird on the exact day that El Salvador declared Bitcoin as legal tender. This happens. Is it too much of a coincidence? We don’t know.
Bitcoin is on sale. Is down 11 percent. Ethereum is down. DOGE is done. This is a great time to go and bargain shop. So right now Bitcoin is now at 47.253 dollars. We’re exactly where we were. This is absolutely not a big deal. If we look at the rainbow chard, we’re still in the heart of hearts.
Don’t panic. The fear and greed has absolutely come down a lot. But this is this is telling you something. This is a good opportunity to buy. Remember this bull run the second leg of the bull run? It’s not over. But overall things are going to go up in as soon and shortly. We’re not going to stay down for too long. The cryptos will bounce back. Stop panicking. Everything’s going to be fine.