Crypto Update, Why market is down @ahp93
Today I will share some update about Crypto market in Steem Alliance Community. Currently, if we look at the market condition, we will see that Bitcoin is in a lot of dumps. There are many reasons why Bitcoin is currently in a dump. You all know that since the Luna Coin Scam a few days ago, Bitcoin has gone down a lot and has not yet recovered. Because no good news has come in the market since the Luna Coin Scam.
Not only the Luna Scam but also the FTX Exchange Scam after Lunar. It was a big bad news for the market. And because of that the market is down a lot. And not only that, besides Bitcoin, other Altcoins are very much in the dump. I will explain the reasons why ore coins are being dumped and the reason why bitcoin is currently being dumped.
A few days ago, Michael Saylor bought 2,500 bitcoins. MicroStrategy has increased their bitcoin holding amount. They bought another 2,500 bitcoins to increase their previous holdings. We generally know that when a coin is bought, the price of that coin increases. But Michael Saylor is a person who dumps the market when he buys Bitcoin. I don't know why, but every time Michael Saylor buys bitcoin and tweets on twitter, the market immediately gets dumped. Similarly, when Michael Saylor bought 2,500 btc, the market immediately dumped again. The market dump doesn't stay for long, later on, the market is pumped by increasing on various good news. At present there is no good news in the market so there is a market dump. It won't last long and when any good news comes, the market will pump.
Alt Coins have dumped more than Bitcoin has dumped. I am explaining the reason. Alameda Research was a major investor in Liquidated FTX Exchange. This Alameda Research liquidated as many Alt Coin stakes as they had. Those coins are being unlocked now. We generally know that if a coin is staked, it can be unstaked after a certain time, not immediately. Their staked coins are slowly being unlocked at the end of the specified time, and they are swapping all those coins and converting them to bitcoin. They think other coins are not safe Bitcoin is safe. So they are bringing all their investments into bitcoin. Although they are not selling other coins, they are swapping/converting. But like swap or convert sell. They are now converting their staked coins to bitcoin, due to which Alt Coins are dumping the most.
This was my current market update. Buyer and seller usually have an idea about the market based on fundamental and technical analysis. Among these, fundamental analysis is the most important. Fundamental analysis gives a proper idea about when a market will pump and when it will dump.
ABOUT ME
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Hey I Am Amran Hossain Patwary.I Am Professional Digital Marketer And I Also Web Developer. My Steemit Account @ahp93 . I am Using Steemit From December 2022 . I Like Traveling & Photography . I am Very Interested on Information Technology. I Want to Learn More About Technology And I Want to Teach About Technology .
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