This Week in Crypto: Market Crash, Manipulation & More!

May 24, 2021

🕵️‍♂‍Crypto Market Crash Cause🕵️‍♂‍

The dip down to 30k was likely institutions intentionally push the price below what most traders believe will be the bottom to scare them into selling their crypto.

📈Bitcoin Dominance Spikes📈

If the market is crashing and Bitcoin dominance remains low, the potential for a real rebound is likely also low. Keeping this in mind going forward will help you with your trading.

👶Fidelity Offers Teenage Investment👶

Cryptocurrencies do not seem to be on the list of possible investments for the time being, but it’s likely only a matter of time before the teens who join this program start to ask their parents about Dogecoin.

🥕Bitcoin Taproot Progress🥕

94% of all miners have now signaled their support for the Taproot upgrade which is tentatively scheduled to occur in November this year.

⛓Polygon And Optimism⛓

There is some speculation that Polygon’s days are numbered. This is because Ethereum’s ‘in-house’ scaling solution called ‘Optimism’ seems to be on track for its July launch.

💸Parachain Slot Auctions💸

While Kusama’s first parachain slot auction is scheduled to occur in the next few days, Polkadot has not yet set a launch date which has some people concerned.

🔎Crypto Tax Crackdown🔎

Besides the fact that most institutions and individuals report their cryptocurrency activities to the tax man already, these crypto rules requiring you to repot transactions over 10k will not come into force until 2023. ⚖Crypto Regulations Incoming?⚖ In a short speech at the 2021 FINRA conference, Gary noted that QUOTE ‘the SEC and FINRA should be ready to bring cases involving issues such as crypto, cyber, and fintech.’

🐶Is Elon Musk The Dogecoin Whale?

🐶 What’s interesting is that the moment Elon resumed his antics, the Dogecoin whale which holds nearly 30% of its total supply bought 4.2069 DOGE at the same time.

📊Weekly Crypto Market Analysis📊

Interestingly enough, there do seem to be a few cryptos that held up quite well against the downturn. These were Celsius, Polygon, and Solana.

~~~~~ 📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.