This is a most happen eventually witin Bitcoin exosystem and history, so that the project can get rid of bad players.
Too many projects.
Over 2000 project on coinmarketcap a lot of them are plain scams, others are just money grabs, those project have to die so that people learn to not invest in scams and to put their money only in legitimate projects ( bitcoin only ) or at least only in the first 100 coins listed in coinmarketcap.
People will only learn when the market hits zero for these projects not a moment early. Eventually they will, with pain is how we grow a lot of the times.
This company is a bad player that sells used hardware as new meanwhile they mined with new hardware always, Bitcoin has to drop to at least $1000 for Bitmain to be force to sell new hardware directly to consumers instead of mining for themselves.
Costumers have to realize they are getting rip off and stop buying from Bitmain but since Bitmain has the market corner than the only solution is for Bitcoin to corner Bitmain and the only sure way to do just that is to make sure Bitmain can’t profit from mining, that means Bitcoin has to get to a price lower than what is today, first Bitmain will try to move hardware to where electricity is cheap to keep on mining on hardware that they will sell later as new, I believed the cheapest country the production is about $1000 to be profitable, so I would say expect for Bitcoin to set around $1000 to $2000 just in this point alone. I am being bearish here it is just logical the market has to adjust for bad players
Bitfinex and tether usdt
This company has been manipulating the Bitcoin price for quite some time, this is a bomb waiting to explode, if they prove that they have a 1 to 1 reserved, and if they can prove they have not been giving services to New York residents than this will be a great fireworks, but this one also involves law so this is a play on the waiting.
Bakkt and some other.
Margin trading and futures was supposed to show that institutional investor were interested in Bitcoin but since Bakkt showed up that this is not actually happening, now Bitcoin influencers are saying that institutional investor are trading under the table with over the counter trading which can not be proven so we don’t know if institutions are getting into the actual market ( buying Bitcoin ).
What I think is actually is happening is that institutional investor are getting into Bitcoin but they are not buying the actual Bitcoins, they are selling you the shovels and wheelbarrows or in other words institutional investors are selling you the rope with which we will hang ourselves once Bitcoin drops to levels below $3000.
Margin trading helps whales manipulate the price by dumping on spot trading exchanges and opening short positions on margin trading and future exchanges.
This kind of players will make the market react, the market has to adjust for all of these players, in other words Bitcoin has to shake out this bad case of flee infestation that is sucking money out of the market.