The cryptocurrency market has crashed today,and number of investors are dumping their coins,bitcoin has crashed more than $2500 in the last 24 hrs.
Not only bitcoin but 90% of the alts are down, what usually happens is when bitcoin goes up most of the alts go down,but the situation is kind of different this morning .
on an Average market is down
Bitcoin by 10 -15% | Ethereum by 10-11% | USDT upto 30% |
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lot of people think China and North Korea must be the reason behind putting the market down,
but seeing the market situation it seems like what happened is the panic selling.this is what I think ,In last two months the cryptocurrency market has seen a massive rise this probably happened because a lot of new investors rushed into the crypto world after the news( bitcoin reached 10 k ,11k crosses alltime high) flied everywhere,so with new investors came a massive cash inflow and these gave pump to the bitcoin and it reached nearly 19k,but the investors may have not studied the bitcoin past properly and as a result they couldnt accept a little fall and must have led to panic selling,
this is what I think must have happened but No one can be certain about the cause,
but I actually see this is as a price correction and new investors must realize that they need to be very patient and see cryptocurrencies as a longtime return, and if they can't accept a little correction in the price then they don't certainly deserve high returns.
Heres why this isn't a bubble
if we look at the past history January hasn't been a good time for bitcoin,and it seems to follow the trend that it will likely go to the moon before the end of the year and see a massive downfall in January.
a past 6 years graph of bitcoin says No matter what happens,Bitcoin has only one way to go and that is Up
and finally you got to see this I read a cool tweet from this guy
And don't forget to smash the upvote button resteem, share this with ones who needs to see this,I hope this might relieve them.
*Note: these all are my personal views and I don't encourage you to consider them while making a trade.
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