Do anyone know what have affected the crypto price within this 48 hours? All of them including BTC, ETH marked a downfall.
I’m not a professional or anything. (But I do play a doctor on TV )
There is a short term correlation to the stock market and strength of the US Dollar. When the market drops heavy, the dollar tends to strengthen, out of fear of the unknown. Generally this is short term and things go back to whatever trend they were in. People look at assets as being worth this or that, but most times it is more like the dollar is worth that and this.
When the dollar drops in value, it means it takes more of them to buy whatever it is compared to, and when it goes up… So sometimes you have to look at BTC not as how strong it is but how weak the dollar is. BTC=$10,000 doesn’t always mean you get 10,000 for 1 BTC but more like it take 10,000 to buy 1 BTC. Bitcoin could be in for a rough patch throughout the summer as well as the other coins. If we are mining coins and need them right away to pay for our operation, this could get REALLY ugly, but if you can hold on to them for the long term. look at mining as cost averaging your purchase of coins on very small bases and you should be ok.
Crypto is volatile, much more so than fiat or even some stocks friend. Wild swings are part of the charm and part of the territory. It pays to keep an eye on prices if your considering cashing out some crypto.
Prices now are way off better still than they were in March or April. The key is take a deep inhale and not let yourself panic. It’s fun to ride the trough and coast up to the next Crest
Market Correction always takes place. Infact it is the right time to buy cryptos cheap!!!
I have been hearing more and more that Trump wants to get rid of the central bank and get back on the gold standard he will do this by transitioning to a digital currency backed by gold. This is just speculation at this point but the person i heard it from has made several correct predictions up to now…Also China made some big moves actually stealing lots of crypto from their citizens. China is in really big trouble right now and that has to have an impact on all markets.
All these moves make decentralizing all the more attractive. India is pushing to make it illegal to own, trade, mine cryptos with a 10 year and 3 Million dollar fine. Thankfully they lost their first attempt in the court system.