Bitcoin falls 10% after yet another FUD of China banning BTC surfaced. The markets were recovering, and coins like Ethereum, Bitcoin, and other alts were in great upside momentum. But the news that China will crack down on Bitcoin miners and exchanges has resulted in another dump. If you are new to the market, it is obvious that you are panicking but do remember that this happens all the time and is just a way to shake off your coins into the hands of big whales. Big publication sites are also a part of these as their articles are often misleading with titles.
Bitcoin price movements
Before we start with the price movements, remember two things. 1st is the thumb rule that says don’t buy high and sell low as panic sellers do. And the 2nd rule is to follow the first one. With that said, let’s dive into the price movement of Bitcoin. If you take a look at a 1-day chart of the currency, then you will notice that from around $10,000 to $50,000, the price hasn’t consolidated much. In fact, there were some bad days, but it wasn’t anything major as such.
In any market, for one person to make money, others have to lose it. It is therefore important to shake off weak holders as the price moves upward. When the price made an all-time high of $64k, it was obvious that many people bought it at that price. And this is where the game started. In a controlled way, the prices dropped, and the markets started to panic. And slowly, the number of negative news and rumors started to multiply, which created so much fear that people that bought above $60k started to panic sell. This is where the whales came in and bought these coins at a 50% discount.
China ban news
For those who are following the crypto market for quite some time, it is obvious that they have heard the China ban news more than 1 time. This has been a go-to way to created panic among new investors in the market. And it is surprising to see how the trick works every time for the big whales. It is so timed that BTC is not able to rise again. Yesterday, when it started to seem that the price would break $42k and resume its upside journey, the ban news surfaced again, and BTC lost $4000 in just 30 minutes.
If you are one of those who sold at a higher rate, it’s best to buy in now and wait for the prices to go up again. Do not sell on the news which you do not confirm by doing proper research.
What are your thoughts that Bitcoin falls 10% again after the China ban FUD surfaced again? And do you think this will be the end of this string of bad news? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: Crypto exchanges go haywire as banks don’t allow deposits.
