It's a phrase we've all heard, "buy the rumor, sell the news" so let's open with a pondering mind for ADA's upcoming Alonzo fork on 12 September.
Our most recent news event was the obvious grandpa bitcorn plunging down to the "abyss" after the El Salvador adoption.. I couldn't begin to rationalize any case for coincidences here so let's not try and trick ourselves into believing this was anything other than a case of selling the news and a shot of manipulation. Less than 24 hours prior to this we were awash with bullish sentiment speculating odds for a continuation of a monster "late cycle bull run" that lands the price somewhere in the neighborhood of the coveted $100k region, and since we're currently hovering around $46k (a recovery from the lows of ~$42.8k) there's still plenty of room for bullish speculation in the near term.
Counterpoint - 5 August was ETH's last big news event with the incorporation of EIP 1559 aka the London hard fork. In this particular instance we witnessed a price jump from a little under $3k up to a little over $3.3k on 15 August (perhaps not much of a spike but surely far from a sell-off dip), of course it didn't stabilize much there since we then began a little crab action followed by a juicy run up to $4k and eventually leading us to the latest dip down to current day prices.
So.. we saw our top 2 crypto heavyweights move in opposing directions following their "big news" rollout and I'm curious if a distinction can be made in that Ethereum's news was one of a fundamental nature whereas Bitcoin's was one of historical adoption (albeit by a 3rd world country). Is it reasonable to assume the type of news drives the direction or is the scope of news more worthy of price speculation?
As Cardano is gearing up for it's big news event for fundamental upgrades (assuming all goes well) and smart contract incorporation, consider which path best serves the ADA whales and market manipulators. At this point it's just good judgment to expect some kind of price action to capitalize on the hype, so what move shall you make?
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