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Theta Cryptocurrency Plunges 50% As Traders Question Google Partnership

Theta Cryptocurrency Plunges 50% As Traders Question Google Partnership

What goes up, should come down. That saying simply utilized to the cryptocurrency named Theta, which lately turned a subject of scorching dialogue attributable to a supposed Google partnership.
Details concerning the “partnership” nevertheless carry up questions on if there’s any validity to the declare, or if Theta is solely a shopper of the tech big. The preliminary information induced a large pump, however uncertainty led to a 50% collapse simply as quick.
Google Partnership Speculation Causes Altcoin To Pump and Dump Over 50%
Earlier this week, information broke that Google can be “teaming up” with the Theta Network to onboard customers of the blockchain-based video supply service through Google Cloud.
The asset’s value pumped over 65% in 24 hours as a result of information. The small cap cryptocurrency added the 65% to an outrageous 1,500% climb from its Black Thursday backside in March 2020.

Sharp-eyed cryptocurrency merchants started to query the “partnership,” nevertheless.
Related Reading | It’s Official: Tether Flippens XRP After Recent Crypto Crash
The Block’s director of analysis Larry Cermak calls the partnership “traditional announcement nonsense,” stating that “Google didn’t staff up with anybody.”

Read More:  This Signal Could Suggest Latest Bitcoin Rally Was A Bull Trap

LMAO Google didn’t staff up with anybody. Classic announcement nonsense pic.twitter.com/yjizXbA6ej
— Larry Cermak (@lawmaster) May 27, 2020

As quickly because the crypto neighborhood started calling consideration to the main points of any deal which will have taken place, the rumor turned shortly right into a promote the information occasion.
Theta crashed simply as quick because it climbed, dropping 50% from the native excessive. With the asset nonetheless up over 750% from lows set earlier this yr, the loss isn’t overly important.

Theta Performance Hints At Return To Cryptocurrency Bull Market
The proven fact that Theta pumped 1500% after which later nonetheless spiked on information of a partnership that wasn’t legitimate, brings again reminiscences of the 2017 cryptocurrency hype bubble.
That yr, thousand p.c positive aspects for altcoins and even Bitcoin weren’t unusual. The wealth generated put the asset class on the map, and FOMO into the speculative asset class induced the bubble to burst.
Asset valuations got here again to sensible pricing, and your entire asset class of cryptocurrencies fell right into a bear market.
Over two years have since handed. The dominoes are actually stacked in favor of a brand new uptrend, and as soon as the primary one falls, the momentum gained’t be simply stopped.
Related Reading | Chartered Market Technician Claims Crypto Poised For Strong Uptrend 
Cryptocurrencies pumping and dumping simply as Theta has will return to being commonplace.
If Bitcoin can break by $10,000, a brand new bull market could lastly right here. After that, it may very well be altcoins time to lastly shine. Once that occurs, it is going to be off to the races in direction of a brand new all-time excessive.
Cryptocurrency belongings are essentially screaming purchase, and their hard-capped provides make them particularly viable throughout hyperinflation. Is Theta pumped and dumping an indication {that a} new crypto bull market is beginning to type?

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