Theta Cryptocurrency Plunges 50% As Traders Question Google Partnership

Tony "The Bull" Severino

5 years ago

2 mins read

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What goes up, must come down. That saying just applied to the cryptocurrency named Theta, which recently became a topic of hot discussion due to a supposed Google partnership.

Details about the “partnership” however bring up questions about if there’s any validity to the claim, or if Theta is simply a client of the tech giant. The initial news caused a massive pump, but uncertainty led to a 50% collapse just as fast.

Google Partnership Speculation Causes Altcoin To Pump and Dump Over 50%

Earlier this week, news broke that Google would be “teaming up” with the Theta Network to onboard users of the blockchain-based video delivery service via Google Cloud.

The asset’s price pumped over 65% in 24 hours due to the news. The small cap cryptocurrency added the 65% to an outrageous 1,500% climb from its Black Thursday bottom in March 2020.

Sharp-eyed cryptocurrency traders began to question the “partnership,” however.

The Block’s director of research Larry Cermak calls the partnership “classic announcement nonsense,” stating that “Google didn’t team up with anyone.”

LMAO Google didn’t team up with anyone. Classic announcement nonsense pic.twitter.com/yjizXbA6ej

— Larry Cermak (@lawmaster) May 27, 2020

As soon as the crypto community began calling attention to the details of any deal that may have taken place, the rumor turned quickly into a sell the news event.

Theta crashed just as fast as it climbed, dropping 50% from the local high. With the asset still up over 750% from lows set earlier this year, the loss isn’t overly significant.

Theta Performance Hints At Return To Cryptocurrency Bull Market

The fact that Theta pumped 1500% and then later still spiked on news of a partnership that wasn’t valid, brings back memories of the 2017 cryptocurrency hype bubble.

That year, thousand percent gains for altcoins and even Bitcoin weren’t uncommon. The wealth generated put the asset class on the map, and FOMO into the speculative asset class caused the bubble to burst.

Asset valuations came back to realistic pricing, and the entire asset class of cryptocurrencies fell into a bear market.

Over two years have since passed. The dominoes are now stacked in favor of a new uptrend, and once the first one falls, the momentum won’t be easily stopped.

Cryptocurrencies pumping and dumping just as Theta has will return to being commonplace.

If Bitcoin can break through $10,000, a new bull market may finally here. After that, it could be altcoins time to finally shine. Once that happens, it will be off to the races towards a new all-time high.

Cryptocurrency assets are fundamentally screaming buy, and their hard-capped supplies make them especially viable during hyperinflation. Is Theta pumped and dumping a sign that a new crypto bull market is starting to form?

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.