because it directly affects the psyche and investor confidence in bitcoin. Obviously this has an immediate effect on the market
News dont have a major impact on the market because not all news are legit . only legit news about whales selling or buying cryptos do have an effect . other kind of news such as rejections of crypto are i think dont also have an impact on the market because people wont care at all if institutions like bakk and etf will reject cryptos . crypto can still grow on their own because people will still find them to be profitable and useful at the same time .