Bitcoin price observed an increase of more than 5% in a single day exactly five days ago which had pushed its price back to $65k. The come back to $65k was showing the market did set well for the Bull market but that didnt happen unfortunately as Bitcoin price fell below $60k hitting a low of $57900 on Wednesday evening.
The current decline in Bitcoin price shows that it still is having a large sell pressure due to which it looks difficult to get into the bullish zone. Bitcoin has recovered back above $60k but it still is facing resistance and the price may fall back below $60k again.
To my deep understanding and looking at the global economical conditions, Crypto market is not yet ready for the Bull season. There are a few important factors which are causing the market staying down. The biggest factor which is responsible for it is the war tension between different countries such as , iran and israel, russia and Ukraine.
We need peace through out the globe in order for the growth of markets. That would make it easier for the crypto markets to enter into the bull season. I believe that it is difficult to see bull market with the ongoing tensions between the above mentioned countries.
On the other hand, France has released Telegram CEO Pavel Durov from prison who was arrested recently in France. It has been revealed that Pavel Durov is not allowed to leave france and is set to appear to police station twice a week. This was clearly a political arrest which is on purpose.
The arrest of Pavel Durov had significant affect on the cryptocurrencies built on TON Blockchain . The prices of TON and its ecosystem coins were deeply declined. The price of TON was itself dropped more than 20% while other coins that are built on TON were seemed declining from 20% to 30%.
A few hours ago when the Telegram CEO Pavel Durov was released, the TON ecosystem coins started recovering. Right now all its ecosystem coins are in green. The dump has stopped since the news of Pavel broke. However things are not good as long as Durov is in France.
Another crazy news is about the Opensea broke today. Opensea is an NFT marketplace. Opensea CEO posted on X platform that they have recieved an email from SEC threatening us for NFT sale. The SEC has warned the company that it is considering filing a lawsuit against them for selling unregistered securities.
The CEO of Opensea said that they are shocked with this notice as it is hard to believe that SEC can make such a stupid move against creators and artists. Furthermore, Opensea CEO said that they are ready to fight against this move and will stand for the artist and creators.
This is not the first time SEC has done such stupid move, in the past it has filed lawsuit against many other cryptocurrency companies and it gets defeated every time. I believe that SEC will be losing against Opensea as well.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
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