Anonymous hacker group creates their token to fight Elon Musk and China

Before the massive reach, there was a large part of the hash power of the Bitcoin network in China. China was very cheap due to its cheap electricity for crypto miners, especially in facilities near the hydropower plants. Since most Bitcoin miners are in China, the action had a significant impact on the market and was the reason for the massive dump of the crypto in May.

Anonymous said that the miners in China had to sell many of their bitcoins in order to cover the costs for moving their infrastructure. The sales pressure led to a downward movement in the market. Although it was aimed at Bitcoin, other crypto-assets recorded negative growth because they are still following Bitcoin's course.

The situation is temporarily

According to Anonymous, the situation on the market is temporarily because miners have started to move to Kazakhstan and to other countries. As a price stand, institutional investors also buy the DIP on over-the-counter (OTC) platforms. At OTCs, large investors can buy without increasing prices. The hacker group understands that although these are private sales on the stock exchange, crypto is pulled out of circulation, which will lead to a massive increase in price as soon as the market takes into account the additional scarcity.

Anonymous also mentioned that there is hope for the market. According to them, the markets have settled in and are now moving sideways. This means that the prices on the price curve move up and down. Overall, the price remains in a narrow area, which is referred to as consolidation.