With the market dipping, we may be getting ready to see a recovery in the next few days or so. It has been a crazy week in the cryptocurrency space; Elon Musk was in Saturday Night Live. After that, he made a few announcements that Tesla will no longer accept Bitcoin as payment for their products and expressed that Tesla may be selling their Bitcoin at some point. Some cryptocurrencies Tesla is likely to adopt are Cardano ADA, Litecoin, Chainlink, and some other top 20 cryptos. They may not be accepting Ethereum because Ethereum is in a transition towards ETH 2.
With all that is happening, most people believe that there is a lot of manipulation in the crypto space. People looking for lower entries and cheaper ways to enhance their position in the market will be taking advantage of any bad news. The manipulation is in the form of shaking up the market, causing a dip because new retailers in the crypto space panic when they see something down by over ten percent and eventually sell out the coins in their holdings. Investors are too scared to invest because they believe we may enter a new bear market.
If you look back in history, you will notice that the last bull market was brief, and we are not yet at the peak of this current bull market. There is a possibility that we may get to the peak of this current bull market at some point in 2022, but there will be crashes and corrections before then, depending on breaking bad news.
People are looking out to manipulate the market and circulate bad news to crash the market so that they could get in at lower entry points. That is the perfect time for whales and market manipulators to pick in because you have people panicking, and when it goes down further, people start to believe everything will go back to zero.
We will be moving upwards towards the end of the year, and there is a possibility that Tesla will be accepting Bitcoin towards the end of the year. There will be frequent market crashes as a result of the mass panic.
Many people that came into the crypto space newly over the past few months have not experienced many dips, so they have not had the opportunity to buy crypto and do dollar-cost averaging.
On the other hand, it seems like Charles Hoskinson and Elon Musk plan on launching a version of Dogecoin on the Cardano blockchain to make it more efficient on energy and add more features.
More projects will be added to the Cardano ecosystem, and more projects are also getting ready to launch on the Cardano blockchain. There will be a massive marketing effect from this for projects that launch on the Cardano blockchain.
On the bright side, Cardano treats projects that launch on the blockchain as elites. The Cardano ecosystem will continue to grow and probably at a fast pace the closer it gets to the main net launch.
