/biz/ - Business & Finance

I'm not a fan of conspiracies or FUD. I think crypto will always have some use and value (if only for anonymous transactions) but this week has been a wild ride. I'm pretty sure what went down this week was as follows:

>USDT gets JUST'd
Tether FUD makes everyone move their money to BTC, which drives the price up and kicks off the moonshot, perfect timing since BTC was already on the way up.

>Binance locks funds
Binance locks funds due to an enormous heist that no one can find transactions for. BTC was already mooning at this point so anyone still holding stable coins puts their stuck money into BTC for free gains. Important to point out: No new money is entering Binance at this point which means the only thing pushing BTC up is people selling alts and running from USDT.

>US threatens to ban crypto
US threatens to ban crypto seemingly randomly, after countless officials have said they are okay with BTC. Market can't react properly because largest exchange has blocked withdrawals and largest stablecoin is being gov'd.

BTC is basically guaranteed to lose momentum at this point because no new money can enter Binance. Everyone has already pulled out of alts and USDT so where is the money to propel us through this resistance going to come from? This is happening just as we start to take on the most important resistance at ~6400-6500.

My guess for the next 5 days: BTC hits resistance at ~6300-6500 and slowly bleeds or crabs for most of the next 5 days. As always, while BTC is crabbing, people get greedy and move money to alts. Except, unlike in the past, the people who would have sold have their money stuck on the Binance so a few "promising" alts pump super hard (look at LINK and BAT over the last day).

Next week Binance allows withdrawals and people panic, afraid their money may get locked up again possibly for good. Combine this with USDT FUD and possible legislation from Uncle Sam and we get a serious run on the markets. Inevitably BTC and alts crash.