RATE Group | Are Low Network Usage Levels Responsible for Fragile Cryptocurrency Markets?
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Are Low Network Usage Levels Responsible for Fragile Cryptocurrency Markets?

08 Aug Are Low Network Usage Levels Responsible for Fragile Cryptocurrency Markets?

Posted at 19:27h in Cryptocurrency News by

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Jackson Palmer has taken to Twitter today to muse on why news bearing little relevance has such an impact on the entire cryptocurrency market. The Dogecoin creator and cryptocurrency commentator believes that the low usage of cryptocurrency networks is responsible for their immense fragility in the face of such “non-news” events.

Palmer Blames Lack of Crypto Usage for Weak Markets

In a lengthy Twitter thread, Palmer identified that the entire market was once again moving together. The presumed wisdom behind such a move was the recent Bitcoin ETF decision being postponed by the SEC. However, such a news event should not have impacted upon the entire market in such a way. Since many in the space had already predicted that the SEC would take as much time as possible to approve or deny a Bitcoin ETF, the recent news should have had a negligible market response for Bitcoin.

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