Market Bounced back, total market cap increased by near about 30 billion dollars , bitcoin price jumped from 5700 dollars to 6600 dollars, so its pretty good bounce. Total market cap near $274,488,335,512 , and Bitcoin market cap near $113,746,247,127,bitcoin dominance right now is 41.4%. So talking about the bounce, this bounce is we think due to coinbase custody officially opened for business providing secure storage for institutions ,it means coinbase has officially opened doors for institutional investors, this may lead to big money flow in the crypto market, right now only Europe and US business can invest through it , they will be expanding to Asia as well by the end of this year .So as our heading says how whales play with people sentiments, coming back to the heading so bitcoin price manipulation is done in a small market cap market mostly. Manipulation is done by big money whales, they can move market according to them so I just want to discuss what is the connection between market sentiments and manipulation
What I observed is that market goes always in opposite direction from the market sentiments, whales take advantage of sentiments of normal people, whales pump the market and dump the market by seeing market sentiments, like back then in last bear market of 2017, most of the people have lost faith in crypto and said there will be no bull run in coming future and then whales pumped the market in Dec-Jan, now again in this bear market, market sentiments were like this that bitcoin will break 10k USD and we will see bull run but nothing happened as Bitcoin touched 10k USD and now trading near 6k USD, this all what I think is because of whales always move the market in opposite direction from what we think about the market.
I am watching the trend on twitter that bitcoin will go 5000 dollars but I think it should not go because of mining costs of bitcoin, average mining cost of bitcoin throughout the world is near 5500 dollars so how can trading price go below production cost.
The second point to note down is investors trust on cryptocurrencies as we all know whales play with the trust, sentiments and greed of the people, if bitcoin goes under 5000 dollars or 5300 dollars then people may lose faith in cryptocurrencies and if people lose faith from cryptocurrencies then how the market will be pumped? whales can’t break the trust of people from crypto by dumping so much as they have loaded the bags and they know crypto and blockchain has bright future, we are really in the very early stage of this revolution, so we can say Threshold trust price near 5500 dollars.
Talking about, for now, people are thinking if bitcoin will go 10k USD we will exit from the market, now I think can be the turning point and bull run can happen, so I just want to say do your own research by seeing market sentiments and evaluating all the things by yourself.