Panic is looming over the cryptocurrency market in July. The fundamental issue affecting the market this month is not whether the Fed will cut interest rates, but the unresolved issue of Mt. Gox reimbursements. In June, there were concerns about the $9 billion worth of Bitcoin to be sold in July. Recently, there have been reports of the German and US governments selling Bitcoin. According to on-chain monitoring data, the German government transferred 1300 BTC to an exchange ($75.53 million). The support at 57000 BTC was breached, and whales and institutions took advantage of these unfavorable factors to dump for the last time. In general, the market is currently experiencing significant divergence.

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The crypto world is a market that is easily manipulated by news. Sometimes, dealers only need a very low cost to pump or dump. They just need to make the retail investors panic or frenzy. At this time, they only need a small amount of capital to complete the pump and dump, or dump and pick up low-priced chips! The big rise and big dump in the market are basically caused by retail investors. When panic strikes, retail investors will collectively rug pull for fear of being late, which will cause serious stampede phenomena in the market and sudden big dump!