letter teaser

Reasons why the crypto market took a dive

To the Editor,

I’ve had a lot of conversations about the increasingly-popular crypto market, including the recent tank in the market (of which I’m not worried). Though there are a variety of causes, the three main driving factors for this sell-off are: North American dollar inflation within the last couple years in relation to Bitcoin’s worth; China vowing to crack down on bitcoin mining; and China’s reiteration of banning non-professional investors (retail investing is something you need a licence for).

Many are selling off, but a small consolation about that is the Chinese law actually came to pass in 2017, which is being incorrectly circulated right now as a much more recent piece of news and it gained traction.

Another market trend is the market manipulation being caused by the big Wall Street boys, as news of the SEC lawsuit with Ripple, which will set a precedent in the North American market on how the exchange commission will regulate and treat the crypto companies moving forward. Wall Street was buying up Bitcoin in a frenzy from February to the end of April, causing prices to soar (known as “bulls on the run”).

As hype builds, and retail investors jump in all hearing about how much they can make, it circulates on social media and mass sell-offs begin. This sparks retail markets (us common folk) to panic sell.

Meanwhile, those that started their early sales when the market was at $65,000 to $71,000 watched the market drop and re-bought at around $32,000, effectively doubling their holdings – JP Morgan’s old trick in the stock market. These are not new plays. Just old players in a new version of the same game.

Wes O.,

Clearwater, B.C.



Like us on Facebook


Just Posted

Okanagan Lake (File photo)
Thompson-Okanagan ready to welcome back tourists

The Thompson-Okanagan Tourism Association expects this summer to be a busy one

Four Paws Food Bank-Barriere helps area pet owners

Leia Kett (as in Star War’s Princess Leia) has been a Barriere… Continue reading

Dynamic drives and pitiful putting helped even the score

Another Ladies’ Night has come and gone. This season is passing by… Continue reading

(Metro Creative graphic)
BC Liquor Store in Barriere raises $1,026 for grad celebrations

Barriere Secondary is once again a recipient of the annual Safe Grad… Continue reading

BES logo
Barriere Elementary School plans tributes for National Indigenous Day, June 21

Barriere Elementary School advise they are continuing to honour the families of… Continue reading

People line up to get their COVID-19 vaccine at a vaccination centre, Thursday, June 10, 2021 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
Vaccines, low COVID case counts increase Father’s Day hope, but risk is still there

Expert says people will have to do their own risk calculus before popping in on Papa

John Kromhoff with some of the many birthday cards he received from ‘pretty near every place in the world’ after the family of the Langley centenarian let it be known that he wasn’t expecting many cards for his 100th birthday. (Special to Langley Advance Times)
Cards from all over the world flood in for B.C. man’s 100th birthday

An online invitation by his family produced a flood of cards to mark his 100th birthday

FILE – Nurse Iciar Bercian prepares a shot at a vaccine clinic for the homeless in Calgary, Alta., Wednesday, June 2, 2021. THE CANADIAN PRESS/Jeff McIntosh
B.C. scientists to study effectiveness of COVID vaccines in people with HIV

People living with HIV often require higher doses of other vaccines

A 50-year-old woman lost control of her vehicle Tuesday, June 15, crashing through a West Vancouver school fence that surrounds playing children. (West Vancouver Police)
Driver ticketed for speeding near B.C. school crashes into playground fence days later

‘It’s an absolute miracle that nobody was injured,’ says Const. Kevin Goodmurphy

Dr. Réka Gustafson, who is British Columbia’s deputy provincial health officer, speaks during a news conference in Vancouver on April 8, 2015. THE CANADIAN PRESS/Darryl Dyck
B.C. public health officials prepare to manage COVID-19 differently in the future

Flu-like? Health officials anticipate shift from pandemic to communicable disease control strategies

Maxwell Johnson is seen in Bella Bella, B.C., in an undated photo. The Indigenous man from British Columbia has filed complaints with the B.C. Human Rights Tribunal and the Canadian Human Rights Commission after he and his granddaughter were handcuffed when they tried to open a bank account. THE CANADIAN PRESS/HO-Heiltsuk Nation, Damien Gillis, *MANDATORY CREDIT*
VIDEO: Chiefs join human rights case of Indigenous man handcuffed by police in B.C. bank

Maxwell Johnson said he wants change, not just words, from Vancouver police

Camper the dog was found Wednesday night by someone walking their own dog along Hollywood Crescent. She had gone missing after a violent attack on June 11. (Courtesy of VicPD)
Camper the dog found safe after fleeing violent van attack in Victoria

Young dog was missing for almost a week after incident

Most Read