Bitcoin Is Falling, People Are Selling - It's Time to BUY!
I am actually shocked to see the panic spreading through the cryptocurrency world as Bitcoin is falling and it's taking everything else down with it.
If you look at website Coin Market Cap, you can see the downwards trend that looks scary:
Out of the top 200 currencies, just 5 have seen an increase (most of them minor), while every other currency drops likes a rock towards the bottom of the lake.
The cryptocurrency bubble has burst. It has all ended now and it's time for us to count the losses and move on.
Well... not so fast!
This huge drop comes mainly from the fact that China decided to ban ICOs. ICOs were actually starting to turn into the next "Nigerian Prince" scam and as they were spiralling out of control, they were making everything a lot more difficult.
Sure, there were some really nice projects there - and many of them will still come to life. Cryptocurrencies will recover, just give them some time.
And BUY!
Now is the right time to buy, in my opinion (don't just take my opinion though as I am not an expert - you're responsible for your own actions.). But with prices so high until recently, getting into the cryptocurrency game was really difficult. For example, I bought my first Bitcoin when it was selling at $4,600. Now it's at $4,000 and I hate it. My entire portfolio is dropping and I took a massive hit in the jaw.
Does it suck? Of course! Does that stop me from trusting the cryptos? NO!
In my opinion, keeping the ICOs a bit under control - or at least making it more difficult for those creating them with the sole purpose of scamming people - is a good thing.
I'd rather have 1,000 coins that really mean something rather than 10,000 coins that bring no value and only dilute the market.
What will I do? I will invest some more in Bitcoin and some of my favorite coins afterwards. This is the perfect moment to get into the game if you were late like I was. The prices will recover and everything will get better.
This is just a hiccup. This is the future. This is progress. You can't stop progress - but you can expect hits like this one in the future. Take them to the chin and move on. And buy!
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This is an opportunity to buy more crypto at a discount but speculators are allowing their emotions to get the best of them. The panic is setting in for some people and they aren't realizing that these low prices are most likely temporary. SMH.
Yup, my thoughts exactly! For my case - I started buying cryptocurrency late - it's ideal beacuse I get better prices now :) I can imagine it could seem a bit scary for most people who invested early and are afraid they might not make a profit in the end.
When you trade remember this. You still have the same amount of BTC, LTC, EOS, etc.
Even if their parity to the USD is droping, it does not mean you lost something, unless you sell.
Exactly! Why sell now unless you're already making a big profit and you're satisfied with it? AND you really don't think it will ever recover (which, judging from what happened in the past 24 hours, is not the case)