Crypto Chronicle with NewsCrypto
Hello NewsCrypto readers! Today's Crypto Chronicles will be a bit different, it will include a Bitcoin TA since it crashed yesterday.
Jim Cramer was bullish, again… of course that meant that Bitcoin will dump but it happened right on it’s 15th birthday.
Today we will look why the Bitcoin dump happened (spoiler: it wasn’t just Cramer effect) and what’s next crypto.
Here's what we got on the menu today:
1. Bitcoin TA
2. Bitcoin Dump Was a SCAM!
3. Funny Meme
Yesterday Bitcoin dumped and perfectly retested the support at ≈40k. This happened because of Matrixport but more about that later.
This dump doesn’t change anything. Bitcoin is still in the range between $40k-$44.5k. Not only that if we count only the candles (not wicks) $BTC is still in an uptrend for around a month.
The upcoming news about spot Bitcoin ETFs will be crucial for determining where we are going next. The majority still think ETFs will be approved so the sentiment remains bullish with a target of $48k-$52k before the “pre-halving sell off" happens.
Bitcoin Dump Was a SCAM!
After a promising start to 2024 and a surge in Bitcoin's price, reaching near $46,000, driven by optimism around the potential approval of a Bitcoin ETFs. However, the mood quickly shifted, and Bitcoin's value took a ≈12% nosedive to around $40k (on futures). What was the reason?
Let’s find out.
But before that just look at what the director of Matrixport said back in 2016 to know what kind of person he is…
Matrixport's Pessimistic Prediction
Matrixport, a crypto financial services platform nobody has heard about, threw cold water on the Bitcoin ETF party with its analysis. They suggested that the SEC is likely to reject all Bitcoin spot ETF applications in January.
Their reasoning? A Democrat-dominated SEC and a chairperson not too keen on crypto.
While Matrixport's bearish outlook caused some jitters, other analysts aren't ready to join the doom and gloom bandwagon. Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, believes that the SEC's extensive meetings with potential issuers hint at a positive outcome.
Why Is Matrixport a Scam?
Just look at the bottom two screenshots (combined in one photo).
Matrixport posted bullish and bearish “analysis” on the same freaking day!
Only one of them went viral and the other one flew under the radar of the most. This was most likely just a marketing tactic for people to start talking about them and once it crashed the market they succeeded.
Just stop larping.
This is how most “crypto influencers” act. Although $2 billion of longs were liquidated these people are saying “Closed on top and caught the pico bottom.”
A Glimmer of Hope?
Amidst the ETF uncertainty, Matrixport brought some positive news, expressing confidence in the regulatory approval of a rebooted version of the FTX exchange. They project the exchange to be operational by mid-2024.