BITCOIN WORTH 10,000 USD. IS IT TIME TO CELEBRATE OR CRY?
Yesterday, Bitcoin's price dropped below $ 10,000 for the first time since early December. Most of the new investors have lost faith and accepted the worst, while cryptocurrency market veterans enjoyed the rare opportunity to buy BTC cheaply. The market is slowly recovering from the crisis, with total capitalization oscillating around USD 600 billion.
The current correction was fueled by uncertainty from the Far East. In South Korea, officials said that "the ban on cryptocurrencies is still on the table." The Minister of Justice issued several statements that proved to be premature and unrepresentative. Ultimately, the president of Korea had to deny rumors, after which the market breathed a sigh of relief. Although regulations are likely to be introduced to combat illegal activities in the cryptocurrency market, a total ban on trade will not happen in the near future. At this time Bitcoin's value is approaching USD 12,000.
Only two months ago, Bitcoin reached the threshold of USD 10,000 and everyone celebrated with great pomp. Yesterday, during the correction, when BTC again fluctuated around 10,000 USD, a large number of people panicked, predicting the end of cryptocurrencies.
As Warren Buffett said, if you can not cope with the 50% decline in your assets without panic, you've probably chosen the wrong market. This statement concerned the stock market, but it is particularly important in the case of virtual currencies, where 50% correction occurs more often than once a year.
I found this 50% correction easier to cope with because I was still in profit. The last time, I had just started and watched my money go deep into the red. I did sense this one coming but all I did was move into Bitcoin, next time, if I get that feeling, I'll look at the coins that try to stay stable with USD. If we're out of this one now, I hope we go much higher before the next one.