It was a crazy 20 minutes in the crypto market on Tuesday. Every major crypto took the hit and fell.
Bitcoin tumbled to $30,000.00, Ethereum to $1800.00. Panic sellers triggered more panic sellers.
The crash started soon after China issued restrictions on Bitcoin. These restrictions also affected all other cryptocurrencies. The regulation means that financial institutions and other payment companies cannot provide cryptocurrency services in China. Authorities stated that crypto trading is "disrupting the normal economic and financial order."
The fall of the crypto market started last week after the tweet from Elon that stated tesla no longer accepts Bitcoin. The tweet triggered 'newbies' in the market to activate their panic selling mode and resulting in the liquidation of more than $2.4B worth of crypto in the span of 24Hrs. That fall continued, panic sellers triggered more panic sellers. This trend along with the news from China triggered a more aggressive dip in charts. The crash lasted nearly 20mnts. After which the market bounced back.
I took this 20 minutes as a great buying opportunity and added more units to my portfolio. I resisted the temptation for good.
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