In the past 2 days there has been a continuous fall in price in most cryptocurrencies , including BTC and other altcoins in the top 50 on the coinmarketcap in terms of market capitalization. This has brought huge tension in the crypto-space as investors try to figure out the reason for the bear movement and whether they should sell or hodl(folks, never be a panic seller). A lot of people are flooding investment groups on social media with repetitive questions concerning the issue: "Why are all coins red?"(lol), "why is coin X and Y going down really fast?", "What's happening to BTC?", "Should I sell or HODL?". This is creating more panic. It's a mess.
The one culprit behind all this is none other than the most popular site in the cryptomarket - CoinMarketCap. Over the last 48 hours CMC excluded all Korean exchanges in calculating coin price and all prices being over 30% higher over there, it instantly tanked price on CMC graphs. From this event the following is the result I see :
- CMC excluded Korean exchanges.
- Prices/graphs instantly tanked. In practice this is not relevant to anyone trading outside Korea.
- Huge number of people didn't know what was happening hence they started panicking and doing crazy stuff on
the western exchanges. - The same people are now dumping huge amount of coins in order to try and 'cut losses' due to the false impression
that the coin is crashing. - Random stuff are happening that are affecting different coins negatively and positively based on the project.
In my opinion I feel CMC should have made a public announcement to all the traders before this move. This would have saved us a lot of trouble.
With all this happening I would say you haven't loss until you sell. I myself have lost 30% of my portfolio in the last 2 days but I'm still confident with my projects rising again. I mean, the whole point of investing in a coin is because you truthfully believe in the project and you see it growing in value in future. So keep hodling and I will see you at the moon.
I have recently made a post about my theory (and there are so many of theories at the moment) yesterday. In summary, accessibility to crypto markets has been restricted lately and new capital influx has been limited. People not seeing the exponential growth that they are used to are cautious and some are probably taking some profits out. With no new money to replace that the only colour we can possibly see on our screens is.. You guessed it - red. Keep your head up, we'll be fine.
There is a lot of FUD going on but all is. This is the time to sort out the real investors(hodlers) from the traders.
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