After hitting $20,000 this week, Bitcoin hit $10,834 this morning.
That’s a massive selloff and a 46% drop, something we haven’t seen since way back in the summer of 2017… I’m not making light of the potential carnage for recent speculators, but we do need to keep this in perspective.
Bitcoin crossed the $11,000 mark for the first time ever this month, just 3 weeks ago, and from this morning’s crash, it’s now popped back to the $13,000 level.
Crypto is speculative, and this is a healthy reminder of that, along with a very healthy and overdue correction.
In our opinion, weak hands will sell, offering up a great opportunity for stronger hands to swap them out.
We needed more support. Going parabolic is fun, but it’s not sustainable.
This technology is revolutionary and will be implemented throughout the entire world, so there is no need to be rushed to $100,000 per coin, or even $1 million.
The recent selloff was caused by two very significant developments that made headlines earlier this week:
1. Bitcoin Cash being added to Coinbase.com, and the fiasco that ensued after, with its market being halted.
2. Recent hack of the Youbit exchange in South Korea. No one is talking about it, but there is a really good chance that the criminals who stole 17% of their assets are now dumping their coins in the market.
I’m not going to make a prediction, just a recommendation: don’t speculate in this space with anything more than you can afford to lose. And don’t stare at the price. If you’re going to speculate, then do it, and stay the trade and let this crypto revolution play out.