...At least for new investors in the cryptospace.
I check my blockfolio app every day and you should have seen my face this morning :) WHOA!!
Everything is in red.
The coin news will all talk about a "bloodbath" again today, a term I really don't like, but I think it would be quite appropriate today, because this is a little bit different.
Bitcoin dropped by almost 40%!!! For longterm investors, this should be a happy day, since they can now "buy the dip" and then enjoy the ride back up again.
I do believe, though, some major market manipulation went on here. Because EVERYTHING is in red.
Where did the money go?
Normally, when Bitcoin drops so much, Bitcoin Cash or other altcoins go up, because large sums of Bitcoin were sold and went into other coins. But if everything went down it can only mean one thing in my opinion: the money went back to fiat. It was removed from the crypto market.
Who is the only one with enough money to influence markets like that? And with an interest to move funds back to fiat? Hm... Let's have a deep think about that...
This is the old paradigm fighting back.
I think we will see a lot of this kind of volatility for at least a year.