• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: BREAKING: Terra Founder Do Kwon's Extradition To The US Approved
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Terra Founder Do Kwon's Extradition To The US Approved

Fake News, Propaganda? Surging Delta Variant Blamed For Bitcoin Sell-Off

Samuel Wan by Samuel Wan
2 years ago
in Bitcoin
0

The Wolf Of All Streets Podcast host, Scott Melker, called out attempts by the mainstream media to introduce a new Bitcoin FUD narrative.

Melker raises doubts on the premise that returning fears over the new covid variant are responsible for the slide in Bitcoin price.

“New FUD narrative that I am seeing across headlines- people are selling #Bitcoin because of Covid. We have now returned to the “Bitcoin is correlated argument.” Even though it was clearly not correlated for months.”

Even so, as mentioned by Anthony Pompliano, authorities continue sounding the alarm on resurging cases with talk of new lockdowns and the continuation of mask mandates. And with a sentiment-driven market, some would argue covid cases do have a direct correlation with markets.

While nearly unimaginable today, the odds are increasing that we have second wave of mask mandates and lockdowns in the US, which then leads to even more historic fiscal and monetary stimulus.

Time will tell, but science & economics has become political in the land of the free.

— Pomp ? (@APompliano) July 19, 2021

However, the bigger question, especially among the freethinkers, is, is there a deliberate attempt to introduce panic?

Mainstream Media Makes Covid Link To The Sell-Off

It’s not just Bitcoin that’s feeling the pinch. Global stocks are also taking a beating at the hands of inflationary concerns and rising covid cases.

But as the “unproven” asset class, it’s Bitcoin that is drawing concerns over a complete capitulation in price.

Forbes mentioned that Bitcoin’s performance is reflecting the dip in global markets due to the “fast-spreading Delta variant.” In turn, this is raising fears of interfering with the economic recovery.

“While the precise cause of the fall is unclear, the crypto market is mirroring sharp falls in markets around the world—including the Dow Jones Industrial Average posting its biggest one-day drop since October—as experts fear renewed restrictions and a slower recovery caused by the infectious Delta Covid-19 variant.”

In recent weeks, many mainstream outlets have pushed the idea that an economic recovery is on the way. Albeit at a slower pace than past recoveries, and as Bloomberg put it, with deep scars.

But contrarian technical analyst Gregory Mannarino said current events are fake news and propaganda. He points out that the true economy has no bearing on markets or vice versa, adding that this is a buying opportunity across the board.

“sit tight here, understand what you’re seeing, pay attention to the propaganda, the fake news, the misdirection, the fear, the fear, the fear.”

Mannarino conceded that one day, markets will adjust to a fair valuation. But as long as the Fed, as the buyer of last resort, continues propping up markets, he doesn’t believe that time is now.

Bitcoin Dips Below $30,000

Since the peak on May 12, the total market cap has lost $1.3 trillion – that’s a 53% loss. This has hit the alts particularly hard, but Bitcoin remains relatively steady in comparison.

Having said that, it’s not all fun and games in the Bitcoin market. A slow bleed has gathered pace this week as bears pushed BTC below $30,000 today.

Support exists at the $28.6k level, but with the fear narrative gaining hold, how much fight do the bulls have left in them?

Analyst WregTheChartGuy examined Bitcoin on a 4-hourly chart. He noted that a head and shoulders pattern has formed, suggesting a potential reversal on the cards.

While this makes for a “good looking” risk to reward trade, he warned long traders to have stop losses in place in case the head and shoulders pattern breaks to the downside.

Bitcoin TA

Source: WregTheChartGuy on TradingView.com

“BTC and just Crypto in general could easily see a reversal to the upside here. This is given that the very prominent head and shoulders pattern doesn’t break to the downside which is why we have stop losses in place. Very good looking reward to risk ratio for this swing trade.”

As the rest of this week unfolds, it’s all eyes on Bitcoin as we get to see if bulls can step up.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Related Posts

IBM

Big Blue’s Big Move: IBM Reveals Cutting-Edge Crypto Cold Storage Tech

15 hours ago
Bitcoin

Swiss Pioneers: Lugano City Breaks New Ground, Accepts Bitcoin And USDT For Taxes

2 days ago
Bitcoin

The Bitcoin Boom: 50 Million Addresses Signal 20% Rise In Adoption

2 days ago
Ethereum

Ethereum Metaverse Game Immortalizes Rapper ‘The Notorious B.I.G.’

3 days ago
BlackRock Bitcoin

BlackRock Has Actually Seeded Its Bitcoin Spot ETF, What This Means

3 days ago
Cryptocurrencies

Cryptocurrencies Fund Inflows Skyrocket To $1.76 Billion, Fear/Greed Index At Pinnacle

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • 4 Cryptocurrencies For Beginners to Buy Today

    11 hours ago
  • Ethereum’s Next Chapter: Exploring Emerging...

    12 hours ago
  • How and where to buy Retik Finance (RETIK)?

    18 hours ago
  • Retik Finance (RETIK) has everything to be the hottest Defi...

    19 hours ago
  • As EOS and Celestia Investors Seek New Ventures, a Budding...

    20 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.