Crackdown on Exchanges, FUD's and a lot is going on in industry at the moment which is why market in recent days was moving sideways and made the grip of bears more strong.
How Relief Market is Over
This Rally started from when Bitcoin was at $16k in december after a long bear market. After local bottom trend changed and it got accelerated in January as an "Echo Bubble" which was supposed to be led by Asians.
In first Two months of 2023 crypto Market performed way better than stocks at time when news like Bitcoin going to $12k were surfacing a lot.
So, with this relief rally or echo bubble a lot of Alt coins did performed so well.
We've seen Narratives being shifted from one to another
Ai is most hyped thing this year and so in this narrative all of A.i based coins pumped up than Ethereum Shanghai shifted narrative to LSD coins.
Zk technology narrative did lasted few week and after A.i china narrative was most hyped in this whole cycle until now.
Bitcoin Double Top at $25k
After all Bitcoin reached $25k and made new highs in 2023 Q1 which was a local top.
As majority of investors was ready to take profit in this range and it went down, tried again but couldn't carry momentum anymore as the flow of money was stopped and same money was being shifted from one narrative into another.
March FUD's, Crackdown Ended Relief Rally
It's second week of March and Crypto Industry is being targeted from all four directions in form of FUD.
- Binance FUD
- Silver Gate
- MT GOX BTC unlock
- Fed hikes, Regulations, Crackdown
All of these coming together is reason market trend got shifted from bulls to Bear.
Kucoin sued, MT GOX New deadline
Just recently another news came out that Kucoin has been sued in New York - here.
And so the meltdown is continue in market.
While on 10th March MT GOX Unlocks was supposed to happen but Deadline pushed from 10th March to April 6 here.
Wrapping up...
Market is still bleeding and also accumulation is going on as the halving days are coming near.
So, in the end everytime when FUD's are mostly surfacing on internet it is local bottom but there's more uncertainty at this point.
Hopefully things will go better in the coming days and crash won't happen this year.
Do let me know your thoughts on it in comments.
Your support is much appreciated. Don't Forget to hit Upvote, Comment and Re-blog.
Memes Created Using Meme Generator
