Crypto’s black week / What’s going on?

4 mins read
Crypto's black week

The phrase “Black Monday” is very often used in the financial markets. The sudden and very sharp decline in the US stock market in 1987 is described by this phrase. Then it became a mazmun depicting all such collapses.

Crypto's black week

When this article was written, all crypto assets were experiencing very serious declines. It can be said that the black market of crypto is experienced. So much so that the value of the crypto money called Luna fell from $ 120 levels to below $ 1. This is not a decline, but a complete extinction. We wish patience to all our readers who have investments in that currency.

A similar situation is experienced in the market’s leading crypto assets such as Bitcoin and Etherium. However, since the volume is higher in them, the declines are not so severe.

We have written a lot of articles about crypto coins before. We have stated that such beings are an inevitable part of this age and will enter our lives more and more. But we have always emphasized this. This new furor has not yet established an official basis. It is not bought and sold by the banks of the countries or is very limited. It is seen only as a means of payment. For the time being, cryptocurrencies are like people who value an object – a seashell, for example – trading that object among themselves.

At the time, Bank of England (BOE) Governor Andrew Bailey said that cryptocurrencies “have no real value” and warned that people who invest in these assets should be prepared to lose all their money. Bailey’s statements were also supported by the British Financial Conduct Authority (FCA) and warned citizens.

It is very meaningful that the head of an institution like the Bank of England, which is very serious and has a worldwide weight, should say this word. Because the managers of these institutions do not speak very often and there is a wide research and accumulation behind their words.

There have always been attempts to fix cryptocurrencies as stablecoins. They seem to have been hit in this latest furore. They have suffered a very serious damage not only in price, but also in reliability. An expert we spoke to in the market also states that there are a number of hacks and suspicious transactions involved.

According to the expert; one account made a billion-dollar purchase from Ust, Luna’s U.S.-dollar-linked stabilizer account, and then opened a billion-dollar short position in Bitcoin. Such claims increase the fluctuations of crypto coins, pushing them away from being a safe investment tool.

Some Twitter accounts of foreign origin wrote that some of the crypto money exchanges did not enter the orders of customers and circulated them between each other. As the cauldron of gossip grows, the concussion will intensify.

There’s a documentary on Netflix right now called “The Hunt for the Crypto King.” It tells the story of the suspicious death of the owner of a Canadian crypto exchange or his disappearance by spreading the news of death. The problem is not limited to Turkey or developing countries.

It’s hard to make money, it’s easy to lose. So it’s best to be realistic and consult an expert when making investment decisions…