The red season is upon Crypto traders as they watch 75% of coins give a point back as they dip down massively. A process which is now become usual as such dip only happened few days ago (red Sunday) and now having same reoccurrence.
Personally, I think the process is normal on all candle stick trades. A point at which bearish candles becomes much, the big question now is how often does this happen or are these suppose to happen? The frequence dip in crypto has left many crypto believers in disbelief. Some even thinking the end of crypto is near. Lol. Let's be realistic, no one is supposed to be surprise with the recent happenings in crypto, understanding these trades can be influenced by individuals and even happenings.
Different governments across the world are really influencing the movement of cryptos both in bullish and bearish forms. Sounds weird yeah but truly they are and I'll show you how.
Some countries in Africa has placed ban on Crypto related trades, example Egypt, Morocco, Tunisia and Nigeria. If their are any coin held mostly by citizens of this countries, there would be a massive dip on that coin because the holders would hurriedly sell off the coin, making it availability of the coin massive. Recall when whales let go off their coin their must be a bearish candle on that coin. The value of such coin only goes up or bullish when some more hold buys off the coin by so doing reducing the circulating amount of the coin.
Yesterday, the news of America President, Joe Biden increasing the tax of large Crypto holders (Whales). Upon the news, most crypto currencies whales began letting go of their coins, making the amount of coin in circulation much, by so doing reducing the worth of the coins or making the coin dip, if I'm using crypto terms.
The effect affected the currencies because most holders and traders of Crypto are in/are from America. The government's across the world are really necessary in the pumping and dipping of cryptos as whatever action or law they put in place can either affect the market positively or negatively.