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Another Factor Turns Crypto Red Again
The crypto investors have been experiencing interesting times in the history of our market. The downtrend has not been broken and the price of Bitcoin is constantly going down as the time passes.
Of course, the global factors or the inner reasons are directly affecting the valuation of cryptocurrencies what triggered the sell - off in the market is totally different.
Last week's latest surprise was the news that the Bitcoin bag held by the German government had some transactions. Later on, the bloodbath showed itself as a consequence of the FUD waves triggered by the bears.
Even though the scale of the dump would be rather limited if all the Bitcoin was planned to be sold by the German government.
Today's surprise was the historical FUD that has shown itself several times and the scope of the FUD is way broader. The ancient centralize exchange, Mt GOX, starts to refund the stolen Bitcoin in fiat currency at the end of the month.
The factor that money will be paid in fiat clearly means that 142,000 Bitcoin and Bitcoin Cash will be sold by November 2024.
Unfortunately, the hacks do not stop in crypto ecosystem. Last weekend, we learned the news that one of the biggest crypto exchanges in Turkiye, BtcTurk, got hacked and lost around $50M worth of crypto assets.
Also, today's victim is Coinstats. The security breach enabled hackers to access 1590 wallets in the platform.
This negative news keeps coming when the market is depressed. However, long - term believers of crypto never stops growing their crypto bag in every drop. A similar approach was adopted by Japan's Metaplanet project which aims to sell some more shares to buy Bitcoin. 1B Yen worth of Bitcoin is planned to be purchased as a consequence of the bond sale..
Time will tell us but this market has always rewarded those who had the vision and strong mindset 😉
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