What's happening with Bitcoin?
*Why the hell is everything going so down?
Why is the market crashing?
So many questions around new traders, so many Why!
If you ask me - are you not scared or surprised by seeing this?
I will say NO because it was inevitable.
Honestly, I knew this was coming. Nothing goes up forever in trading. What goes up comes down. It's a common phenomenon in the stock or crypto market.
So, I wasn't ready to buy more at the top and feeling sorry for those who bought at high, whatever coin it is. And in recent years, we saw that all the altcoins follow the trends of BTC. If BTC crashes, every other crypto crash together. Except for a few coins.
Let me be honest! All trading experts knew that a bearish trend is coming. Whether market manipulation by whales like Elon Musk or institutional crypto ban by China - bearish trend was ready to come.
But yes, I am surprised too! I didn't expect the fall would happen fast. According to Coingecko, the value of more than 7,000 tokens tracked by CoinGecko has shrunk more than $600 billion in the past week to $1.9 trillion.
This is crazy. Yes, I am worried because it clear that the market is heavily manipulated. I expected a slower bearish trend, not this way! I can't remember when the last time I saw a massive dump like this.
If you look at Coinmarketcap, you'll see all the cryptocurrencies have faced massive drop or dump. Bitcoin broke $40,000 support. Ethereum lost 20%, BNB lost its price by 25%. It was more down, but it looks like some investors bought from the dip. This is the scenario of almost all altcoins.
If you ask me, This is heavily manipulated. I don't know whoever is doing this, but few news pieces can relate to this.
I can say a lot of panic sale happened after this new right here - China bans financial, payment institutions from cryptocurrency business.
China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading. - Source
I see this news everywhere after the market crash! This is coming up to the news everywhere, and I think this is what is causing the crash.
The report also highlighted the uncertainties of cryptocurrency trading, saying virtual currencies "are not supported by real value", their prices are easily manipulated, and trading contracts are not protected by Chinese law.
Learn more about this news on Forbes.
I also think that big strong hand whales that have a massive amount of Bitcoin and crypto are taking advantage of this news. They are trying to get people to sell down. Usually, new people in the market do panic sell when they see this kind of news.
It's not nice to see your equity is going down. For example, you are holding 1000 dollars in crypto, and then you look back and see that your $1000 comes down to $200, you panic! You don't want to lose the whole 200 pounds. You take it out before losing the entire lot. That's what new traders do in the bear market.
And this is what we're seeing right now in the crypto market. We're seeing serious panic! But I am not panicking. I already told you I have strong feelings that a bearish market is coming. And I just sold some of my BTC right after seeing that Elon Musk is declining BTC payment for Tesla. I knew that was the beginning of something terrible.
I saved the money to buy from the dip. And I bought some 3x BULL coins (XRPBULL, EOSBULL) and some other altcoins from the dip. But it's also hard to understand the dip. That's what happened with me, because the market went down to even more dip, to the next support after my buying.
So, I urge you to guys do not invest your life savings in crypto. Just invest what you can afford to lose. And don't panic. Try to be strong and hold. The same way market will go up, the way it comes down. But not sure when - maybe next week, maybe next month, or maybe next year! Who knows! This is not financial advice, But the suggestion is to HODL and waits to cover your loss.
I am also looking at this drop as an opportunity to buy crypto at the cheapest price. Most of the coins are at their all-time low. So if you are saving some of your money to buy from the dip, this is your chance!
I already told it many times, but again - Remain Calm, Remain Focused.
I'm not selling anything. But it's up to you what you'll do.