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3 Scariest Crypto Market Scenarios Everyone is Watching Right Now

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By Augustine Mbam - - 5 Mins Read
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A grizzly bear roaring, dark background

The current gloomy situation in the crypto market doesn't seem to be holding back more negatives as top assets are constantly affected by FUD. These upsetting news come in many forms, from unexpected hacks to scary regulations, and even extending to manipulations by large crypto holders.

For the longest time, many of the stories in the crypto industry have been scary. Apparently, the crypto bear market led to a surge of several negative occurrences. The same is happening this week to the crypto industry, as there's been a dose of several bad occurrences.

Let's dive in and find some of these developing stories.

1. Whale Sells a Large Amount Of Holdings 

One of the crypto trading stories that shook the crypto community was a whale that sold a large amount of his crypto holdings. Apparently, data from Etherscan shows that this whale identified with the address 0x8c5  sold large quantities of cryptocurrencies in many decentralized exchanges within the last week. The amount of sales this whale made amounted to a whopping $4.2 million. According to the transaction details, this whale sold about 12 different tokens to arrive at this. Furthermore, this crypto whale sold these tokens in the wake of the crypto bear market for stablecoins like DAI, USDT, and USDC. 

Some of the tokens involved in this transaction were ARB: $1,033,741.81, LDO: $952,786.96, FXS: $521,010.73, UNI: $482,839.53, MKR: $366,834.52, WLD: $227,558.92, STG: $213,390.85, WBTC: $129,034.25, BLUR: $117,338.83, WETH: $76,676.82, Silo: $68,719.05, LIT: $9,687.62. 

2. The Crypto Community Pessimistic Over Joe Biden 

Joe Biden is at it again after his recent statements concerning the crypto industry made the community enter into another war of words with the United States President. Apparently, Biden proposed new crypto tax reporting rules. With these new rules, making a crypto tax report will look precisely like other assets. 

This news has spurred an uproar reaction from the crypto community. Many of them are saying that the crypto industry does not have a future in the United States if Biden is reelected and that the industry needs more crypto-friendly presidential candidates

"There's no future for crypto in the US if Biden is reelected. I'm sorry.

Move abroad, draft Newsom and hope for the best, or vote GOP where at least we know the top three candidates are less terrible on this issue.

Crypto has always been political," Messari CEO Ryan Selkis said on Twitter (now X). 

Chris Perkins, president of crypto venture firm CoinFund,  also commented on the situation, saying that other countries might surge ahead of the United States if it continues with its method of crypto regulation. Obviously, the recent administration in the US is often considered harsh when it comes to crypto regulation. 

"To clarify, I agree that other jurisdictions have seized the initiative and the U.S. has sadly fallen behind. We need proactive, nuanced policies that encourage and unlock responsible innovation across crypto verticals," Perkins said on Twitter. 

3. Gala Faces $130 Million Token Theft Dispute 

Another of the worst crypto stories for this week is the current scandal the blockchain gaming crypto project is facing. There are accusations among the team members for stealing $130 million worth of native tokens. Gala Games’ leadership, including CEO Eric Schiermeyer and co-founder Wright Thurston, are fighting among themselves over the management of their native tokens. 

Schiermeyer, on one hand, is saying that Thurston illegally got access to about $130 million worth of their native tokens and made illegal trades with them. On the other hand, Thurston is accusing Schiermeyer of the mismanagement of the company's funds. The cases between the two personalities are in court.