BINANCE and SEC FUD together pull BTC down, why the hell FUD happens at such Crucial Moments?
Hi friends, f you are an active trader or even a casual crypto investor, you would be already knowing the state of BTC in last 2 days. BTC which was trading around $12,000 has fallen down to around $9000. That is a loss of around 25% in a single day or two.
If you somewhat pay attention to Technical analysis then you must be already knowing that BTC was about to break above a massive bullish head and shoulders pattern which would have put a Target around $17,000 on BTC.
But if you will have a look at the chart today you can see that instead of moving up we are back to square one and again going to be touching $9000 easily, so what happened in a matter of one or two days that caused such a heavy pullback in BTC.
If you think that this steep fall was due to heavy profit booking then I must say that you are too naïve, Go to any news source you believe in and try to read about binance first, you will see that a technical glitch was reported as hack all over the news, being one of the largest operating exchanges, the news of a hack was sure to result in some heavy selling. Which followed suite as expected, pulling BTC heavily down from its position but all was not lost with that single news.
FUD did not stop at this only, SEC also came out with their benevolent tag stuck at their forehead, they declared almost all the crypto assets qualify as Securities and not just the assets, exchanges and even wallets will need to comply with them.
Here is the Statement regarding exchanges:
And the statement regarding Wallets etc.
Both these FUD’s combined proved to be too heavy to avoid for regular people. As expected a heavy selling followed suite which pulled BTC back inside the falling trend and even downward from the overall rising trend beginning 2 months back. I would have had no issues to raise if this fall had been a regular fall created from market itself. But it is frustrating that these FUD’s keep happening at crucial times as such.
In the Binance case I am really disappointed with media, not that they have given me any reasons in the past to believe them, but people still believe in them blindly and they have at least they have some duty toward those who still believe.
On the SEC case I would like to add that if they really wanted some regulation then why they didn’t privately contact exchanges and wallet companies asking them to comply. Instead they went to the media and again released a vague statement like that. Their action in itself seems to suggest that it was nothing more than a FUD as in binance case.
People, only thing we can do is to take this kind of news always with a pinch of salt. There will be more FUD in future and we will never have the support of this already sold out media, we as crypto adopters need to educate one another that is our only and best option in order to tackle this kind of FUD in future.
Governments have nothing to do with cryptocurrency it gets as clear as that, the more they will try to create issues, faster they will meet their end. Once Goods and services start getting traded for cryptocurrency they will have no option but to play be our rules.
At last I would like to add some positives from this FUD after that much negative being said. People it is time to make entry again for long, due to this fall some Long positions are bound to be generated, look at this fall closely for those entry points.