Following the coronavirus panic, stocks went down (S&P 500, -7%) and not long after as expected the crypto market followed this pattern led by BTC.
CME Group decided to close today (3-13-20) Chicago Trading floor as precaution.
Yesterday was a big dump from $7300 to $5600 in only 30 minutes = 1700 Dollars dump.
Now it's trading on Bitfinance around $5388.
As an hodler I would recommend 2 steps:
1. Don't trade it, sell and buy because it's risky, Bitmain and other mining farms are losing money with this current mining rate, so they won't let this price be down for long, and you can lose money with this swap.
2. Some people are making some shorts, and this is very tempting especially when you are able to borrow x3-5 but remember this you can loose your money, you have to be an expert or to have some knowledge to do this.
I am recommending to hodl .
3.If your BTC is on a platform and you are not getting any profit of it because it is staying in the wallet you should think
of lending it on a known platform.
For my experience I am lending dollars on Bitfinex and getting a
daily interest (you decide the rate), so you can check to lend other currencies too.
You can also lend your BTC on Binance for 0.38% yearly.
4. You can consider this is the time to buy once it is low to average the loss if you bought it when the price was high,
I presume it will go down a bit more.
I will post a video upon how to do it if you are interested in my next post.
Stay safe!
image taken from ccn.com