Theta cryptocurrency drops 50% as traders question Google association

Everything that goes up must go down. This saying only applies to the cryptocurrency called Theta, which has recently become a topic of discussion due to an alleged partnership with Google.

However, details of the “partnership” raise questions about the validity of the claim or whether Theta is simply a customer of the tech giant. The first news caused a massive bomb, but the uncertainty caused a collapse of 50% just as quickly.

Speculation from Google association makes Altcoin pump and download more than 50%

Earlier this week, the news broke that Google

It would be a question of “associating” with Theta Network to integrate the users of the video broadcasting service based on the blockchain via Google Cloud.

The price of assets has increased by more than 65% in 24 hours due to the news. The small cap cryptocurrency added 65% to a huge 1500% increase from its black Thursday trough in March 2020.

However, bright-eyed cryptocurrency traders have started to question “association”.

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Bloc research director Larry Cermak calls the association “meaningless classic advertising”, saying “Google hasn’t joined anyone”.

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As soon as the crypto community started to draw attention to the details of any deal that might have taken place, the rumor quickly turned into a news sale event.

Theta crashed as fast as it rose, dropping 50% from the local peak. With assets still above 750% compared to the lows established at the start of the year, the loss is not too great.

Theta Performance Hints At The Return Of Cryptocurrency To The Bull Market

The fact that Theta pumped 1500% and then increased the news of an invalid association brings back memories of the 2017 cryptocurrency advertising bubble.

That year, 1000% gains for altcoins and even Bitcoin were not uncommon. The wealth generated put the asset class on the map, and FOMO in the speculative asset class burst the bubble.

Asset valuations returned to realistic prices, and the entire cryptocurrency asset class fell into a bear market.

More than two years have passed. Dominoes are now building up in favor of a new uptrend, and once the first one is down, the momentum will not end easily.

Related Reading | Accredited market technician says crypto is ready for strong uptrend

Pumping and unloading of cryptocurrencies, just like Theta, will again be common.

If Bitcoin can exceed $ 10,000, a new bull market can finally arrive here. After that, it might be time for altcoins to finally shine. Once that happens, he will head to the races for a new historic record.

Cryptocurrency assets basically buy crying, and their hardcover supplies make them particularly viable during hyperinflation. Theta gets pumped up and signals that a new cryptocurrency market is forming?