"Freeeeeee - Freeee Fallin' Yeah"

There are currently many factors that are negatively impacting the price of Bitcoin and other cryptocurrencies along the board. If you are holding ANY amount of ANY cryptocurrency then you have felt this hit. Period. Its times like these that make you realize that you need to make your own decisions instead of listening to others. Right now, there is a massive trend traveling across the net and they are trying to convince people to just "Hold On For Dear Life" or "HODL."

JUST HODL HODL HODL HODL HODL, RIGHT??

Oh yeah, How is that "HODL" strategy working? I bet not as good as the "Sell At The Peak" strategy.

Obviously I am no financial adviser, and I only know and understand what I have personally been through and learned from experience. This is why I decide myself what I am going to do and I really try to think about what the market is telling me, and not what people are telling you. It is a classic mistake to do the opposite of what the market is doing based on someones opinion. The market doesn't have an opinion, it's just the market and it does what people tell it to do. If you can read what the market is doing, then you can be on the right side of the market. If you just HODL then you are guaranteed to be in the negative at some point and you have no idea when you will come out.

I know from experience that buying at the top is bad and selling at the bottom is just as bad. Right now we have been in a long down trend and of course there is no telling how long it will last, it is certain to turn around at some point unless crypto is completely banned. Which will not happen.

Big Factors Bringing Down Price

#1 Many banks in US and UK ban credit card purchases with bitcoin

In my opinion this isn't such a bad thing. It could have a negative impact on economies when too many people with not enough money start charging money they don't have to purchase bitcoins. I am sure that the people that used credit cards to buy bitcoin as they had the "fear of missing out" at $19k are having a bad time right now and its a good thing that it's not large percentages of our population that is having that problem. South Korea has recently had a massive boom in the interest in cryptos and surely many have overspent and are now in the negative due to the recent slump in price. Chase, Bank of America, Citigroup, and Virgin money have all banned credit card purchases. Good thing we have credit unions available.

#2 Many Rumors Of Regulation And Government Involvement

There has been a few instances in recent news about government entities sticking there nose into crypto. There was $600 million in crypto ceased that was raised through ICO. Bitconnect (A massive ponzi scheme) recently caught the attention of 2 state governments and used the attention as an exit scam excuse and scams thousands out of hundreds of millions of dollars. Although there is no major news about this, it certainly shook the crypto users that had any money in the program and also hurt there trust in other projects.

Conclusion

Obviously this is a scary time for crypto holders. We havent seen prices this low in months but anyone that has been around for any amount of time knew that this was coming eventually after the massive bull run we had. I find it kind of ironic that the 2 biggest factors effecting the price right now are Governments and Banks. The enemies of bitcoin. Stay safe and good luck! Thank you for reading!