This is my first article on Steemit - and it is probably not going to be read by many. But as a first timer in cryptocurrency and with excellent observation skills I have deducted the following reasoning why the market is tanking today, why Bitcoin - the mother of all crypto, is down below 10 000$.
I have not read the report about the assessment of a few individuals "controlling" but skimmed through it. It only strengthens my reasoning. They argue against this sentiment.
I must admit i fell for the fud of one single coin during Christmas 2018. You all might have heard about it - the Mcafee and XVG clash of titans. The feelings I had of fear, the uncertainty and the doubt in my own research led me to sell in the middle of the night. Just to buy again for a higher price in the morning.
I came to an understanding. And have not been scared after this.
People took profit before 15 january - and the market dropped. This is normal behavior with the crypto market and those who entered with most money, people in Asia, got out with their gains.
If you entered around my time and did atleast a few good choices when you invested, you are most likely in almost zero now if bitcoin is 11 000$
Many milestones have passed - we went through some future contracts that expired and a few people lost their money.
People have been transferring their bitcoins and altcoins between tether and bank accounts in fear of loosing gains or just their investments. Watching the market, asking me what I deduct. How I react to whatever is happening. There is a lot of newcomers in the market, like me. They are all scared.
We have low volume - the volume on all exchanges tells us that everyone is sitting by the sideline waiting for an entry point, waiting for bitcoin price to drop.
Something should have happened in the market by the 30/31 of january - but it did not. And due to the low volume, people who were waiting fled. Except those with strong hands.
Now there is a subpoenas from US regulators to BitFinex and Tether. The market shivers. BitFinex is an excellent trading platform with little fluff and advertisement, and it is getting fud from all over due to the Tether issue. People jump ship, not to Tether anymore but to bank accounts.
And the overall market goes down.
You know why it goes down? Because you are scared, everyone is having major fud issues at this very moment. Clambering in to Telegram channels, reddit forums, everywhere!
Asking - WHY WHY IS THE PRICE DROPPING?
Because like you - people are scared and they panic.
I don't panic - even though I am new. I know I will lose more money from selling my loss now than I will if i just sit on it. Because you know what? It is money I can loose, and just like when I sold out in stocks with a loss and there was major gains half a year after, I will not sell out in a loss now.
People need to stop chasing the next Bitcoin - because Bitcoin is right there, volatile, excellent, react to fear by dropping in prices - reacts to FOMO by raising faster than you can follow.
Please guys, relax, take a break. Visit a forum with less fud - you dont have to buy an ONION to join in. Just come over to DeepOnion - the feelgood forum - get your head straight on and straighten your back. You can handle this.
https://deeponion.org (DeepOnion, anonymous cryptocurrency, anonymous transactions)
And never ever ever risk more money than you can afford to loose.
And don´t buy into ICO´s without some due diligence. Buy some steady horses and not semen.
Curtsy - StarLawl - completely newb but fascinated by the market.