Social ideologies & the Behavior of the Cryptocurrency Market
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Assalam-o-Alaikum Steemians !
I'm @moneyster, a professional level Cryptocurrency investor and an analyser. As usual, today I thought to share another Crypto-related experience with you. I hope this article will be considerably beneficial for all the Steemians in this community
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We already know that this Cryptocurrency Market is highly volatile due to its sensitivity to any single point. It means, we know a piece of single news can affect the entire Crypto market within a few moments. So why? Why does it happen always for only these single or a few news? This is because there is a lot of controversy among the large number of traders who trade in this crypto market.
Here I'm not talking about some Large whales who are trying to provide liquidity and manipulate the Market as they desired. But for many retail traders like me, we have a fear that the market will change because of this little publicity.
That is why market makers have the ability to manipulate this market as per their willingness. They do not need to place large sell orders to cause a big downtrend in this market. Posting a piece of bad news on a famous person's Twitter account can cause a big downtrend in this market. All of these things happen due to Social ideologies and we are the responsible persons for these unnecessary Market movements.
Unfortunately, this is the reality of the Crypto market condition. In fact, in the course of this market, it is easy to say that money is going from small traders like us to big traders. Of these, it is possible to succeed by engaging in the right security measures and engaging in the most subtle transactions by analysing the market well both Technically and Fundamentally.
As I described above, Social ideologies can be taken as an advantage to Trade Cryptocurrencies very profitably. As we all have an ideology of a positive impact when a very popular persons buy some Cryptocurrencies. We have the ability to react to those Cryptocurrencies very quickly. So, if we are able to be in touch with those popular persons, we will have a chance to get better entries for some popular Cryptocurrencies such as Doge Coin.
We also have an ideology of a negative impact when very popular leaving some Crypto projects. When we see a piece of negative news related to any Crypto Project, it's better to leave the market temporarily as it can affect the related Crypto project rapidly such as Fantom Crypto Project.
First of all, I will take one of the best Crypto projects as an example to demonstrate these changes in crypto market behaviour due to social ideologies.
In the near days, the Fantom project was a very famous Crypto Project and it had gained good momentum as compared to some other Crypto Projects.
But unfortunately, Fantom and some of the other decentralized finance projects were dropped unexpectedly due to a tweet from a coder who had worked in the Fantom project named Cronje.
Below I have included a screenshot of a Tweet published by the
Fantom Foundation.
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According to the above screenshot, we can clearly see that even though he had announced it through its official Twitter page very positively, all of the other Traders had taken it very negatively to exit from the Market. Then it affected the entire Fantom project very badly.
Finally, you can clearly see Social ideologies and the Behavior of the Cryptocurrency Market through the above-explained example. So, we can understand something about these Social ideologies and we can use these things to Trade Cryptocurrencies positively as well as negatively.
I have explained all the above-explained facts through my own experience and I didn't use any sources to explain those facts.
10% benificiary set for @tron-fan-club
Very educative article thank you for this lecture
You are most welcome and Thank you very much for your appreciation. It means a lot to me.
Twitter Shared
https://twitter.com/moneyster12/status/1520469156721741825?s=20&t=fYk-EotOhL8S6q5uUIoIFw
yes when I saw the Fantom in this post I immediately remembered because of course I bought the Phantom at a price of $ 3 and currently it costs only $ 0.7
Yeah, now the Fantom price has been reduced below 0.7. Thank you very much for visiting my article.
having a loss is certainly not a good thing
by far the best post of the day on TFC. Didnt know the story behind fantom, thanks for enlightening me.
Thank you very much for such an amazing reply to my article. Yeah it was a popular news among many crypto fans.
The reasons why the crypto market is down are very nice. You have said very nicely that retailers can also be the cause of it from time to time.
Of course brother. Definitely, retailers can also be the cause of it from time to time. Thank you very much for your nice response.
U have gibmven a nice lecture of the fluctuations of the cryptocurrencies martket thanks