Latest news on bitocin recent bearish market.

[btaliat]

Bearish market is not a new thing when it comes to cryptocurrency. In fact, crypto users are always prepared for this moment. This is made possible with the fact that crypto coins are volatile in nature. The coins that gives more than 200% rise in a minute ago can drop more than 500% in another minute. This is what is happening to bitcoin right now.

Having reached its All Time High of $ 47000 + around March 30th ( according to coin market cap) bitcoin has been hovering between that particular price and $35000. The worst came early this morning ( 7th May, 2022) when the price is sold around $35000.

This should bother the crypto users especially those that hold crypto on a long term basis. Why won't it bother them anyway? Bitocin has risen beyond$60000+ around November last year and around $50000+ in Dec 2021. Now it saddens that the same has lost more than 1000% now.


What should the crypto users do? The best thing to do now is just to shun our wallets for now. There is no need to panic or even sell in panic. I haven't checked my wallets since few days. And we should never forget the golden rule of investing what we can lose affordably.

 

[Suba]

I agree with your opinion, that we don't need to panic let alone sell all the crypto we have. As the Fed raised America's interest rates, the price fell not only on cryptocurrencies but also stocks. In my opinion, there is an inverse relationship between crypto and USD, because currently the USD interest rate is rising, a lot of USD fiat money in circulation is being withdrawn, and many people are actively saving so that the USD supply is decreasing, this is one of the reasons why crypto prices have fallen. But there are many expert observers out there. , predicts that Bitcoin price will strengthen once it reaches below $25k.

 

[Mika]

During the last bearish run (in 2021, Bitcoin had gone below $30K. This time also Bitcoin has gone below $30K. When in 2021, Bitcoin went below $30K a lot of people, including those so-called crypto experts, started saying that Bitcoin will go back to $20K, or even below $10K, however, that did not happen, just in a few days, the price began to improve. This time also when Bitcoin is on the bearish run for some time, people are saying that the price will continue to go down, and some crypto haters are even saying that this is the end of crypto. People make assumptions, they soon become too enthusiastic or soon become depressed. When Bitcoin was at an all-time high of $69K, people started saying Bitcoin will not become $100K but it did not happen. The price of bitcoin and all other cryptocurrencies depends on a lot of things, such as government policy, market situation, or even unrelated things such as stock market performance. The price of Bitcoin and other cryptocurrencies started dropping when Biden Administration introduced a bill that was not favorable to crypto, and the war in Ukraine made everything worse.