Today will not be one of the happiest for cryptocurrency fans. The Bitcoin price dropped in a short time under 6,000 USD.
Recent disturbing events around the world – stock market crashes and coronavirus pandemic – have led to huge nerves in almost all investors. Not excluding those from the digital currency market.
Bitcoin just fell to the level of USD 5,888. Interestingly, BitMEX CEO Arthur Hayes said yesterday that $6,000 may be the lowest level the leading cryptocurrency may fall. He added that what we see now is “a look at the trader’s mind in times of intense market volatility.”
And in fact, the apocalyptic visions of analysts and investors came true: the growing panic led to a crash in the cryptocurrency market. In just over 30 minutes, BTC lost as much as about 25% of its price. Top altcoins did not get better. ETH lost as much as 30% in the last 24 hours and now it costs only $134. XRP has lost over 27 percent since yesterday and today only costs $ 0.149.
Panic – What to do in such a situation?
The current market situation must evoke great emotions, especially among people who are not familiar with the cryptocurrency market (or the stock exchange in general). The current decline may mean a turning point. And not at all negative. If the head of BitMEX is right, today may be the best day to buy BTC in the last months. Remember that saying that the best time to buy bitcoin is when there is blood in the streets. Well, definitely today is one of those days.
Of course, it is still impossible to go further down, although the stories about the fall of BTC as a project or the fall in price to USD 1000 should be considered an exaggeration and the fact that the emotions on the market have prevailed. Of course, remember that playing on the stock market you make your own decision.