Bitcoin price decreased 3% yesterday which sent it below $69k, this decrease in Bitcoin price caused a hilarious dip in the whole cryptocurrency market. Altcoins dipped from 10% to 20% following Bitcoin movement. Overall the market vibes were not in favour of the long openers.
Future traders were affected the most following the Bitcoin price drop, according to a rough estimation it is stated that close to $600 million were liquidated in longs in the last 24 hours. This is one of the biggest number recorded.
Ethereum , Hive and BNB prices were decreased by 6 , 10 and 9% respectively. Notcoin which is trending all over cryptocurrency world dropped more than 20%. People were bullish on this as it was expected to pull another leg up from $0.022 but it faced a massive decline in its price after the Bitcoin price drop.
The dip of the last night was not expected as people were bullish after Bitcoin hit $71k this is why a massive long positions were held but unfortunately the dip washed them all. Probably was not a good day for the ones who got their accounts wiped.
Here comes the importance of putting stop loss when playing with the futures trade. If you are a newbie then you must take care of this thing and always manage risk when doing futures trading. Setting up stop loss is necessary because it prevents you from being washed out fully.
Well Bitcoin is rebounding and is trading above 69k , similarly altcoins are recovering. The dip had a good shake out. Things are coming back to normal and will take sometime. Market is in a recovering mode.
This dip is actually a blessing if you know because bull season is around the corner. We have got a good opportunity to buy Bitcoin and altcoins at discount. For example Hive price is now at a perfect buying opportunity. If you are a long term believer then its a good chance for you to load Hive bag at such a big discount.
Being a hive user you know it very well that Hive has been trading in the 30 cent range since very long so it could get pump massively any time from now aa its been in the accumulation zone under the 40 cents. Hive's time is near just little more time and its all good to go.
I know it very well that having patience is the biggest exam when it comes to holding crypto especially the one you believe big, you must also know that good things take time to happen. If you are holding Hive or any other solid coin then it is advised to have more patience as your turn must come one day.
Personally i am holding few solid gems since very long and i believe that those will one day make me happy. Just make sure that you invest only what you can afford to lose.
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.
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