My cryptocurrency wallet went negative this week and its going down really fast. So I thought what could be the reasons?
Blog Update: China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading. This is a big red flag.
Obviously its no secret that Elon Musk’s announcement of no longer accepting Bitcoin as payment to purchase any Tesla vehicle hit the market really hard. The main stream media is blasting this very reason out in the market for the general public to consume.
Another reason could be the crypto market destabilisation created by Ethereum founder Vitalik Buterin. Vitalik burned US $6.5 Billion worth Shiba Inu coins which was gifted to him by the founders of Shiba Inu.
This act by Vitalik destabilised the market, people got confused on whether to buy or sell Shiba Inu coins affecting other coins. Its a domino effect.
The third reason that I am going to state is only my hypothesis. There are no proof for me to submit but give me a chance and hear me out. I think the current drop in the cryptocurrency market is due to the ongoing wars in different parts of the world, specially the Israel-Palestine conflict. Hamas is heavily dependent on funds from its supporters all around the world. Since direct funding to the organisation has been banned after it was declared a terrorist organisation by the United States they have been getting their funds through cryptocurrencies. They have created campaigns in the past where they made videos on how to buy and sell cryptocurrencies and circulated it to all its supporters. This is no hidden fact.
The Hamas need very huge amount of money to fight the current war against Israel and this is where I think they are liquidating all their coins. You can now start laughing at me, I told you its just a hypothesis. Read the next one and you will be ROFL(rolling on the floor laughing).
The sudden announcement by Elon Musk on Bitcoin could be to weaken the currencies so that when they are sold they get sold at a very low price. Was the United States Government involved with Elon’s sudden announcement? Who knows. Its not that they don’t meet over drinks.
This also reminded me of Vitalik’s meeting with Vladimir Putin in 2017. Once you are a powerful person in the society you would have to get involved with the Government, you are given no choice. This statement has nothing to do with the article, just wanted to put it out.
If you have some time on your hand and you want to do some research yourself you can begin with comparing the crypto graphs with the timeline of ongoing wars. Please feel free to share if you find anything interesting.
Also if you liked reading this blog I would highly recommend my another recent blog called Could Wars be Manufactured? The blog talks about the timeline of the current Israel Palestine war and why did it suddenly erupt after so many years.