Bitcoin on a Mood Swing: Don't Panic sell

Last night, Bitcoin reached a new record going above $69,000 but with the Asian market opening today, cryptocurrencies started to fall apart.

Bitcoin fell as low as $60,500 today (Tuesday 16) and it is swinging between $60k to $61,500. Other coins are following Bitcoin in the drop, falling to new lows in the current quarter.

WHY THE FALL?

According to a recent study from Glassnode Insights, a blockchain analysis organisation, new short-term investors are selling their holdings in response to this morning’s decrease, which may be impacting the further slide in Bitcoin’s value.

While fluctuations are to be expected, this swing seems out of the ordinary. Everyone who believed Bitcoin was going to rise unhindered throughout the month of November and December is surprised.

And for those who thought Bitcoin, in particular, was maturing and will not crash that easily, today’s drop is a lesson, indeed. It is now proven that crashing Bitcoin is still a serious and more frequent event.

INVEST NOW

For us, this is the time to invest the little cash stash in cryptocurrency because believe it or not, Bitcoin will go up again before you notice it. This is the time to invest.

Recent losses have been caused by a variety of factors, ranging from excitement about low-quality coins to unfavourable remarks from Elon Musk to China’s recent ban on crypto services.

The recent meteoric rise in Bitcoin made it look so good that people started putting their money in it. The crash today is getting them to panic sell. This is how people react to the crypto mood and it will never change.

But people who believe in the business of crypto, will not panic sell and they will know that the recent outpouring of cash in crypto worldwide is making the crash today look horrific.