Probably weak hands due to the Iran attack on Israel yesterday. Obviously its really bad that it happened but I can never understand why people sell because of events like this. Often I think its whales using bad news to short & push prices down in at attempt to scare weak hands into selling so they can dump the price to pick up cheap coins.
Probably using every major news of the world as a smoke screen and a tactic to justify why price went down, to be honest this is one of the reasons I feel institutional money isn't really good for bitcoin because its highly manipulative thanks to the selfish small lot of people out there flexing there way to being whales!!
Sometimes I wonder if bitcoin was better off without all the big money because it hasn't done much ever since it got on stage.
The involvement of large institutions in the market has both advantages and disadvantages, without them we would not have large inflows into the market and bitcoin adoption would be much more difficult. On the other hand, it is really annoying when they enter the market and use their power and money to manipulate the market in their favor.
But more importantly: is there any way we can stop them even if we don't like their participation in the market? There is nothing we can do to stop them, we only have 1 choice which is to accept and adapt to everything.
Yes very true, there must be massive inflows for massive outflows to happen. It also goes to show
that these investors apply a traditional investment mindset to their Bitcoin ETF investments, at
the sign of anything which will spook the markets they apply a "weak hands" attitude.
There goes the "uptober" outlook for this month so far but no doubt there will be a more positive
sentiment shortly - hopefully!
Hopefully for both the prevention of more senseless loss of life in Gaza and Lebanon and for our
Bitcoin market the situation playing out now wont escalate.
