Nobody has seen it coming! I went to sleep last night, and after waking up, I was like, what is going on here? Bitcoin, along with other altcoins are already crashed. The market is down by a colossal percentage, which was quite unexpected to the maximum trader after this bull run.
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During the Asian session, the overall crypto market is roughly down by $50,000 to $60,000 within just 15 minutes. Can you believe that? So what caused this dramatic fall?
Some traders are assuming that the market is collapsed by a massive percentage because of the U.S treasury rumor.
A popular Twitter account FXHedge, spread the rumor, and they tweeted -
U.S. TREASURY TO CHARGE SEVERAL FINANCIAL INSTITUTIONS FOR MONEY LAUNDERING USING CRYPTOCURRENCIES -SOURCES
Check the Tweet -
But it's a rumor because there's no link as a source. It could be insider news or just a fake rumor. But it already did its part, the news damage on the market.
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FXHedge tweeted around 12 hours ago. And the market is collapsed significantly after the Tweet. Bitcoin was down by approx $59,700 to approx $54,000 within an hour after the tweet. Etherium and Binance coin is also dropped significantly.
The U.S treasury already took action against two Chinese individuals last year for money laundering using cryptocurrency. So it's a perfect rumor to make the market unstable. And still now, there no reliable news source for this rumor. So it looks like that market will be back to the bullish run again.
And some traders were waiting for the price drop to enter the market. And it looks like this crash is the perfect time for them. People have seen the rise of cryptocurrency from the beginning of 2021. Since then, the bullish run is going on, and traditional trader was looking for chances if the market goes down big, they will invest.
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And they think their time has come as you can see the today's long position in the market. You sell when people are greedy and buy when people are afraid. That's a quote that's most successful traders follow. That's the market actually works; that's how it should be.
But after the news, of course, some people are scared; some already sold their holding. But I'm not going to do that as I am holding for the long term. And I still believe the market is going back to bull rerun. That's my personal analysis though, do not fall for it.
I already told you that's how the market works. Market want's you to sell your holding; it's playing with your emotion. Only the fearless and clever trader won't fall for this type of rumor. Blockchain is still a young technology. Lots of problems will come around. Only the early joiners will gain big. That's what I also told in my previous article.
Look at the 3-month chart, and we are still in the bullish trend. So chill out. And if you are among those people who were waiting to buy from the deep, this is your time. Buy and wait for the bullish run again.
Antoni Trenchev, co-founder of London-based crypto-lender Nexo, expects Bitcoin to hit $100,000 in the next 12 to 18 months, and explains why he thinks the cryptocurrency is here to stay. - Source
According to him - There are always ups and downs in a relationship. Still a positive environment and a lot of room there for the growth of bitcoin. Everything is in favor of Bitcoin.
Antoni predicted that Bitcoin would touch $50,000 when Bitcoin's price was $6000. And now he thinks that at the end of 2021, Bitcoin can cross the $100,000 milestone.
I want to know how you felt when you saw your portfolio after waking up in the morning? How was your feeling after seeing the massive drop? Let me know in the comment section.
This is not financial advice. Invest at your own risk. Better study and use your brain before investing in the crypto market.
Posted Using LeoFinance Beta