Power of Sentiments and Effects on the Crypto Market and anything related to Finance
It is no news to anyone that Nigeria's problems and its failed economy have everything to do with our failed leaders and their selfish or greedy nature. On the 29th of May, a new President of Nigeria was sworn in as the New and Current President of the Federal Republic of Nigeria, During the New President's speech on his swearing-in day, he canceled fuel subsidies which shout the price of fuel or petrol from about 200 Naria to 600 Naria plus depending on where you live.
His speech alone spiked the price of fuel or petrol by 3X plus, meaning that he and his people in the petroleum sector have made the big bag within hours due to people's reaction to his speech because my research showed that he has a huge stake in one petroleum company in Nigeria.
Now, that was not the only damage his speech caused, the New President of Nigeria, who I am not going to mention his name because I do not like him and honestly, no one likes him being President except those benefitting from him and his administration, back to his speech, he also said he wants to unify the price of the dollar in the country cutting out the black market price of the dollar, which is where most people in the crypto space make more money through P2P to be able to survive the day inflation of the price of goods and services in the country.
Unifying the price of the dollar is not a bad thing and it will be good for the country's economy but his timing is very wrong and off because he has no structure in place to make it possible. Now, the fear of those holding their money in the dollar or USDT losing value by half the current black market rate made a lot of people panic sell their Dollar or USDT, which tanked the price of USDT or the Dollar, just like how Fundamental Analysis work for crypto, as people panic sell or buy due to either positive or negative market sentiments, which is how well they respond to news or news event.
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