Why Matt Damon is being blamed for Bitcoin’s crash

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Why Matt Damon is being blamed for Bitcoin's crash

The crash of cryptocurrencies generated thousands of speculations on social networks about what happened. Who is the actor targeted by the fall

After reaching all-time highs (ATH) above the u$s68,500 per unit a few months agothe price of Bitcoin (BTC) and the rest of the cryptocurrencies suffered a resounding collapse, which was worn to the entire market.

The fall dates back to the end of last year, but in recent days, the fall was one of the most shocking in the ecosystem.

On May 9 last, the cryptocurrency reached an approximate minimum of $30,000 per unit, the lowest level recorded since January 2021.

The news caused all kinds of reactions, looking for the main cause of the abrupt decline of practically the entire industry, which generated millionaire losses. Is there a particular person involved in the fall?

Bitcoin (BTC) broke the $30,000 floor and dragged the cryptocurrency market lower

Matt Damon responsible for the crypto crash?

In social networks, it was recalled super bowl ad made by Matt Damonin which he invited viewers to join the world cryptographicwith some references that sparked ridicule on social networks. In it, the actor compared the buy bitcoin with landing on the moon.

The video they aired it during the famous halftime of the NFL finals and in it you saw Damon walking down a sci-fi hallwaywhile they appeared different stages of the greatest achievements in the world, including reaching the top of mount everest.

History is full of stories that were almost“The actor mentioned on that occasion, while walking with an explorer.

And he added: “With several they almost ventured, that they almost succeeded, but later it turned out to be too much. Then there are others, who embraced the moments and committed themselves. And, in these moments of truth, these men and women, these mere mortals, like you and me, as they look over the edge, calm their minds and steel their nerves, with four simple words that have been whispered by the fearless since the days of the Romans: fortune favors the brave.”

Social Media Blames Actor Matt Damon for Crypto Crash

Social Media Blames Actor Matt Damon for Crypto Crash

Memes blame actor for Bitcoin crash

After a series of images of people who could not achieve their goals, the web address of Crypto.com, main advertiser of the campaign.

The main message of this ad translated as follows: By buying cryptocurrencies, viewers become part of the exclusive group that changes the world.

However, given the abrupt drop in the value of BTC, a wave of memes and comments went viral that reaffirmed the announcement and, of course, the name of Matt Damonmain personality of the same, who became trending topic in the United States.

One of the memes made reference to the loss that users would have faced of these currencies if they had listened to Damon.

“Billions of dollars disappearing. Just three months ago, Matt Damon was in the SuperBowl commercials promising that cryptocurrencies were going to make us rich“said one of the users.

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The guilty of everything?  point to recognized star of being "responsible" of the Bitcoin crash

What is “crypto winter”

The concept of “cryptowinter“It has been in the ring for several years, however, what does it mean?

According to experts, there is a “crypto winter“when cryptocurrency prices cool down and fall steadily for several months.

Also, this concept refers to what happened in 2018, when BTC sank up to 80% from all-time highs.

Is crash led to widespread panic in the cryptocurrency market and caused the vast majority of digital assets to plummet all together.

However, it was only in mid-2019 that the crypto markets showed various signs of recoverydriven by a record investment by traditional institutionsLike the banks and the large investment fundsas published by the BBC site.

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A “crypto winter” occurs when cryptocurrency prices cool down and fall steadily over several months.

Why is Bitcoin falling?

Beyond the volatility that characterizes them, this fall for many experts is due to the blow that Bitcoin received for a US government agency.

The largest digital currency fell as much as 11% to $35,611 on Thursday, the biggest intraday drop since January 21, a move that still appears to be over after the US Federal Reserve (FED) raised rates on Wednesday, as a way to combat inflation that hit 30-year highs.

Bitcoin Traded Largely Alongside Tech Stocks

Bitcoin largely traded alongside tech stocks.

“Investors are nervous as the Fed continues to raise interest rates after the 50 basis point hike,” Jason Lau, COO of San Francisco-based exchange Okcoin, told Bloomberg.

“The additional rate increase potential makes the trajectory of the global economy uncertain,” he added.

In an environment of higher rates, the correction of risk assetssuch as Bitcoin and company shares -especially technology- began to take shape in recent months.

In fact, Bitcoin traded largely alongside tech stocks: both the currency and the Nasdaq 100 hit all-time highs in November and have been on a volatile downward path ever since, to the point where the Nasdaq 100 fell for the fifth week in a row. .

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