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Analysis of the reasons for bitcoin and dogcoin plummeting

Today, I'd like to share this secret with you. When it comes to this issue, I have to mention two very important names, one is Tesla musk, the other is gray fund. I believe those who play with coins will be familiar with these two names. They all have a very important common point, that is, they are heavily invested in virtual cryptocurrency. The difference is that the two heavily invested currencies are not one currency, one is bitcoin, the other is dogcoin. Now let's take a look at the secret according to several events?

After several attempts of public opinion, musk seems to have grasped the secret of pricing cryptocurrency. Musk suddenly announced on social media that Tesla would immediately stop buying bitcoin cars. The reason is that it is worried that mining and trading bitcoin mining machines will produce a lot of fossil fuel consumption, especially coal consumption will cause resource depletion and environmental pollution, In less than an hour, bitcoin plummeted to around $46700.

But in fact, there is a reason for Musk's public bombardment of bitcoin this time. It is because someone has moved the dog coin he has been trying to build, and it is a company called gray fund that wants to move the dog coin.

It is a trust fund with a compliance license in the United States. More importantly, the fund it manages is a virtual encryption asset, and it is also one of the biggest makers behind bitcoin. According to the data of currency security exchange, one of the three major exchanges: as of May 11, 2021, gray scale fund has held 653000 bitcoins, and the scale of bitcoin assets under management exceeds 35 billion US dollars, which can be said to be the major shareholder of bitcoin market. With this alone, the gray scale fund can earn about $53 million a year in management fees alone, which is a fund company developed by bitcoin printing money.

But since bitcoin's big correction in April. After falling below US $50000 all the way down, dogcoin took the limelight, and the funds went into dogcoin on a large scale. Bitcoin has never been more than US $60000 since then. In order to protect its customers and self-interest, Barry, President of gray fund, said publicly that I just want to short dogcoin and persuade retail investors to change dogcoin into bitcoin.

As we all know, opinion leaders in the currency circle have a great influence on the market. Barry's public opinion has brought panic to Dog Coin fans. In addition, in the previous interview, the relevant media let musk make an oolong and admit that dog coin is a fraud. For a time, the dog coin fell sharply from May 9, from $0.7 to $0.4, nearly halved.

The gray scale fund's move may have greatly hurt musk. Musk was angry, so he found a lame reason to stop Tesla from accepting bitcoin payment. Originally, you had your leeks, and I had my wheat. We didn't cross the river, and each made a lot of money. In the end, you moved my "wallet". How can you be reckless, So musk used rabbis to fight back.

This is the coin circle of opinion leaders, judges and players. The two big makers, musk and Barry, who attack and defend each other, have also exposed the shortcomings of virtual currency. In the eyes of the big man, the most important use of virtual currency is to harvest, but they are in such a coin circle without regulation. It's easy because one person can control the market with one word. As long as he has the right to speak, he will have money. These big men who make trouble with capital every day are just happy.

In a word, in the currency circle market, what technical indicators are there! Information! It's not worth a few words from the big guys. As long as the regulatory blind area of the coin circle is still there, this situation will continue.


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