Crypto Sell Off in India
Source
Once again I am quite assured that the Crypto Market in India is still composed of majorly people who are just jumping into a Bandwagon without any proper knowledge. They see a couple of negative articles on their Timeline about Crypto and they all go to Sell everything they own. Today was a prime example of this as different Media Houses started to play the old tapes of 2018 and repeated the same lines saying Crypto Will be Banned in India as there has been a proposal made to apparently Ban Cryptos in India in the Parliament. The result of that was quite obvious
As you can see the price of Bitcoin dropped from 4600000 INR to 3500000 INR in a day and is now on the way to recovery. That is a 20% drop in a day and a 15% recovery after that. Now imagine how many people lost money in this Sell-Off. My guess is quite a lot of people lost money. I have said this in the past and I will say it again, Knowledge is the first thing we should strive for in everything whether it is about Fixed Deposits or Mutual Funds or Stocks, or Crypto.
Now it would be wrong of me if I did not admit to a mistake I did as well. I had some TRON which I was going to Sell today for some Expenses of mine and I accidentally sold 20% of my TRON at below Market Price as the TRON Price was also tanking due to the Sell-Off. Thankfully I noticed this quickly and canceled my Sell Order.
As everything in life requires effort and patience, and cryptocurrencies do not escape from this, so part of all these strategies is to sell and buy at the right time, and above all to study.
good luck
Hello @arunava
Most of the problems and losses, frauds and other distressing situations for many have to do with lack of knowledge. People in general believe that it is just about putting some money in and become millionaires overnight, the truth is that I think that kind of news are manipulated by people who know what they are doing, what they are going to produce in the mass of population that ignores about the market, they lower the price and buy cheap those who have more.