On Twitter, @CroissantEth is a cryptocurrency analyst who has spoken extensively about the coordinated attacks against Bitcoin that have dragged the cryptocurrency market.
The tragicomedy "China and cryptocurrencies"
When the Xinjiang coal mine was flooded, miners were seriously injured. This caused a 35% drop in the Bitcoin hash rate and raised serious concerns about the centralization of mining.
China also banned Bitcoin mining in May and stopped all cryptocurrency-related transactions at financial institutions. The CCP (Communist Party of China), which continues its anti-crypto campaign through state media, has warned citizens about the dangers associated with cryptocurrency markets. This resulted in a dramatic 20% drop in Bitcoin prices.
FUD (FUD. Fear, uncertainty and doubt. It is also used in other investment contexts. The crypto community has adopted it to denounce what they see as spreading disinformation.) Has been a problem in the cryptocurrency market for 2021.
The market has been paralyzed by news of Turkey banning Bitcoin mining and misinformation by Twitter's FXHedge regarding shady crypto transactions.
Elon Musk said Tesla will no longer accept Bitcoin due to environmental concerns on May 12. This led to a sharp drop in the price. Bitcoin's price continued to drop due to Musk's constant tweets suggesting he would “break up” with Bitcoin. Pope Francis also expressed concern over the availability of an alternative to Bitcoin due to environmental concerns.
While that hasn't stopped nations like El Salvador from using Bitcoin as their official currency. Buy stocks it is no longer the current fashion, people are more likely to buy Bitcoin in modern times.
Altcoins and exchanges also hit
The stock was blamed for a scandal in which Coinbase employees and early investors sold $ 5 billion. This is when insiders or team members dump the tokens into liquidity immediately after a listing.
Binance, the largest cryptocurrency exchange in the world, has also been in trouble. Binance has been banned from engaging in regulated activities within the country by the UK and Ontario Securities Commission.
In July, the Thai SEC filed a criminal complaint against Binance for unregistered activities.
Crypto: is it the darkest night before the night?
“Croissant believes that turbulent market times are stabilizing and solving the problems. Issues related to environmental concerns, anti-money laundering regulations and China's mining centralizations will all be addressed soon. Even if some countries, such as China, decide to oppose Bitcoin there will be an immediate upheaval in the current circumstances.
The US decision to place Bitcoin in Exchange Traded Funds (ETFs) and any further institutional adoption thereafter cannot happen without challenging the FUD in the market.
“There will be some rough weeks ahead, but there will be some serious upward movement. As institutional money and green Bitcoin mining flows into the United States, we are witnessing the biggest shift in hash power that has ever happened. "