As probably most of us woke up and look at the charts and wish that it was a bad dream and felt that somebody stabbed them :D
Whole run from 830 to 550b Market cap in last week is pretty impressive just like market was rising 2-3 weeks before and nobody was arguing with that :D
Also we saw how it was easy again to control market with some kind of news like crypto ban or mining banned and so on.
I have to say that these days media ads a lot of FUD to our lives and almost everyday exaggerate stories or headlines and there are so many information which need to be checked but at the same time you dont have everywhere to check them.
Have a nice day and dont look at this as a bad situation ( well it is bad if you check portfolio and there is -53% like mine .. ) but I rather look at this situation to buy at the discounted prices and HOLD.
Bitcoin is dying and its dragging the entire market down with it. The markets are literally joined at the hip with BTC, and when BTC falls because people have realized how slow and unreliable it is, the larger market ( the new money, people who have been in the game for less than 5 months) panics as they believe that bitcoin IS the market, and if bitcoin fails, then everything else does. This is part of the issue when people like Warren Buffett go on record saying that "Bitcoin is a bubble and will burst" That part is true, for the most part, not many people are willing to pay $36 for a transaction, especially one that takes an hour or more to confirm, and even more so when the developers make little attempt to fix the BTC network -
But when everyday people hear things like this is causes a massive amount of irrational fear...coupled with news from South Korea which was false, as well as news from traditional outlets that claim the market and Bitcoin are constantly dying. We risk going into a free fall in prices within the next few weeks if people don't stop spreading false information. The market dropped by 30% just on false news and an assumption that Korea MIGHT POSSIBLY COULD BE MAYBE be banned from the markets. What would happen if over a 3 day period Fox News and CNN falsely reported that "Bitcoin" was going to be banned in the US, without any proper sources to back it up? The market would implode all based on a rumour. This is why its VERY important to not follow false channels, or people looking to hype coins, its causing the market to expand in a direction that it shouldnt be going, which is the hype, pump, dump and the market is burning scenarios. This has a lasting effect on the human mind, and we'll pay for it eventually.
Absolutely agreeing with BTC thing, it is like base for everything and mother to all crypto but its getting old a bit not completely following other tech and getting a bit behind. But Its good to see that developers dont sleep and implementation of lightening network is telling us that they also figured out that something is wrong or not up to date.
Media is spreading FUD as all its best.. Have to say that today media has gone bad not only in crypto but with other " very important news" but there is mass that is buying that crap so media keeps feeding them.
Can't agree more with you
you are right we must take advantage of this descent of the BTC