Crypto market is struggling just like other global markets. The recent days were not good as Bitcoin price declined more than 20% from $70k and altcoin by observed a massive decline in their prices ranging from 30% to 40%. Even the coming days seems to be struggling for crypto as well as stocks and other companies globally.
There is not a single factor which is affecting the markets moving them downward. There are multiple reasons behind the massive downturn. People continue to fear due to the decline in cryptocurrency assets which has caused the further selling pressure.
Gaza war and the Rising tention between the Iran and Israel is one of the major key factor for this massive downturn. Another factor which is causing the bleeding in markets is the Japani Yen. People are pulling out money from the volatile assets like crypto and moving towards the safer options.
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There are reports about the Jump trading which is the major player in the crypto world, is unwinding some of its positions. Such kind of moves from the major participant can lead to massive sell pressure which lead to significant decline in the cryptocurrency
assets which creates more fear into other traders causing more dump..
The long waited Mt Gox Bitcoin distribution is also a key factor for the downturn as some users are selling and causing the dump while others are holding for the longterm. When a major news like this broke people gets into fear and sell in panic which causes more dump.
These are some major cause for the massive downturn in crypto sector and global markets. Traders are in fear due to pressure from all these factors. It still can take longer than expected for the things to settle. Especially the wars leave longer effects than anything else.
Bitcoin is trading at $58500 right now and the market may still go down from current prices. There are chances of the more decline as things seems disturbed at large scale. It will take time to create the positivity among the traders.
As the market moves are causing fear among the investors but there are still some users who take this as opportunity and buy what they can. This happens when you know the importance of the asset. For example we know that Bitcoin is the number one crypto that is trusted more than any other crypto coin so we buy it with positive mindset even the price is dipping because we know the fundamentals behind it which are enough to buy even if the price is dipping more.
Its best to buy Bitcoin as it is now trading at a great discount. Its always good to buy in the dips as the price rise mostly but it is not guaranteed as its free market and everyone is allowed to do whatever they want with their assets. Sometimes buying in dip can be tough as it involves high volatility while sometimes market rises quickly after the dump. Those who believe , they buy regardless of the price.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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