What is Driving this Sell Off?

is it just whales trying to make money off of shaking out longs and buying their coins lower and then squeezing shorts?

This is really nasty price action.

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Chinks

You mean they're just dumping and shorting it to shake people out?

DUBS CONFIRMED
it twas the chinks

The US is basically checked out on vacation for labor day right now

You mean they're just playing around with the markets? How do they benefit?

Thought I was tempered to price action having traded forex 2007-2013 and gold and silver.
This is some whole other world shit.

It is extremely violent and irrational and seems like a psychological operation to me.

forex is tame as fuck. you literally need to 50-100x positions to even notice it most of the time

You think this dump is a psy op?

Don't believe in any of that stacking satoshis crap. It's all about taking your dollars. There's real money on the table now.

It probably is.
>Dump the price down where people panic and sell.
>Buy up more when cheap.
>Price increases again later.

they're setting up the meme CME gap shorters. Giant green dildo coming

You mean this is a rug pull to take peoples dough?

Why? The dollar isn't worth much.

That makes sense. It also seems like we are on the cusp of a crypto revolution with real world use cases so why would it all implode now.

Must be a psy op.

Of course, a lot of stupid money came in recently but it has been drying up. Time for whales to take their realised profits.

Exactly. Stacking USD isn't a solution since its a shitcoin itself.

Yes, this is a whale bear market now.

Chinks got JUSTed when stocks exploded now their selling off other assets to recoup losses.

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They're selling off BTC to buy the new RTX 3080 cards when they come out as the hash rates will be much more profitable. Some of the big farms will be buying up tens of thousands of cards.

Lol. Then what do btc maxi measure their btc wealth in. Why are they obsessed buy the dollar value?
Cash is king

Crypto is dead. Just pumps and dumps by big players. And crypto wont be a safe haven when US economy dives down, that only works for argies and venezuelans when US is strong.

it's the chinamen exchanges they do a lot of manipulation to rek shorts and longs. now it's time for the shorts to get rekt as bobos believe in some magic CME gap

Nvidia cards? They don't use ASICS?

The swiss franc was an interesting trade during the financial crisis. My ex sold all my holdings without me knowing before the peg broke. She is lucky she is my ex and not just ex in general.

Bump

>September
>Long wekend in the US
>Tech buble burst
>Stronger dollar than expected
>Food coins

Take your pick

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They're trying to liquidate LINK positions on AAVE.

>speculation and whale manipulation brought newfags in
>whale cashed out at $20 by market selling (lol) and dumped the price
>some other long time hodlers hopium high wore off and sold portions of their stacks
>norman money got scared
>price goes down $15-16
>market wanted staking to be announced during smartcon
>price recovers a little during
>staking wasn't announced
>price dumped
Pretty much exactly what I expected. I'll check back in year to see if arbitrum works by then.

Unironically this, short is a crowded trade right now

What will that achieve? Excuse my ignorance?

>why would it all implode now.
Either it was sparked by the tech stock selloff, or the tech selloff event was used catalyst for this dump.
The tech selloff can be attributed in large part to Softbank of Japan, therefore not chinks

It's honestly not that bad, 10k is holding. If BTC breaks below 9k there is a problem

Dubs confirms. In all seriousness, that’s usually the way it goes. Sell high, buy low. The complete opposite of Zig Forums.