China & Elon Musk - Are These Two Really Behind The 2021 Crypto Pump & Dump?

China & Elon Musk - Are These Two Really Behind The 2021 Crypto Pump & Dump?

2021-09-25 | Selina Mathew

China & Elon Musk - Are These Two Really Behind The 2021 Crypto Pump & Dump?

China is trying to form a new fear within the global cryptocurrency market, after the Chinese government’s recent regulatory decision cost bitcoin investors $21.35 Bln – but prospective digital owners like it. The Asian country released a QandA statement earlier on Friday, criminalizing the entire cryptocurrency market; the miners, the exchanges, and therefore the buyers. This singular order knocked down the bitcoin market price from $825.70 Bln on Thursday to $804.35 Bln earlier today on Saturday, thereby gathering and drafting several resources from different crypto reference websites. The crypto market had taken a breather from Tesla boss, Elon Musk’s ‘negative’ rhetoric related to the digital assets since Q2 of this year, as his tweets on Twitter usually influence the market. Musk’s Tweet was behind the bubble burst of bitcoin earlier in May this year, when his decision to tug out his support for the digital asset crashed the foremost popular cryptocurrency from the milestone of about $60k per bitcoin to below $30k, in no time. With Bitcoin [BTC], along with other cryptocurrencies trying to regain their May loss within the past three months, China’s decision has been an albatross around the neck of exchanges and traders. Earlier in June, China had halted the operation of cryptocurrency miners, with the restriction affecting over 90% of them – as the majority of worldwide crypto miners are within the Asian country. Recently as per an official announcement earlier Friday, the Chinese government revealed that “ the virtual currency-related business activities are illegal financial activities.” adding, that cryptocurrencies, “are not legal tender and they can’t be used as currency at least within the market (of China).” In response to the announcementthe worth of bitcoin dropped to $40,906 USD earlier on Friday, against the $43,986 USD it sold for during official business hours recently a day before on Thursday. The fall within the crypto market value opens the virtual currency community’s gate for latecomers to require a position within the market as the price bubble from Q4 2020 to Q2 2021 had made the entry barrier too high for prospective investors. So while the loss affects the holders of the decentralized digital currency, it is a pointer to latecomers trying to enter into the crypto community space. P.R expert and Journalist, Damilare Famuyiwa, revealed that he’s willing to buy at the dip, “but the bitcoin and Ethereum prices are too high, so I’m expecting Musk to hitch the Chinese government to assist bring down the value a little bit.” A Media Buying professional, Ukhueleigbe Zaccheus, said that “It is best to buy for cheap, and sell at a better price later.”

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