After Elon Musk's Tesla investing $1.5 Billion into Bitcoin, Bitcoin's price 'shot up' rising from US$39,000 to US$43,000.
Musk has also tweeted about Dogecoin with some regularity, from memes to comments that it will be one of the future currencies of the earth. Price of Dogecoin pumped as a result of Musk's "joking" tweets.
If you are new to investing, these kinds of catastrophes happen normally like hurricanes, earthquakes, or volcanoes. It happened all the time during our short story since the stock market exists. There are wars, crises, bad news, political changes or people tweeting about the end is near and always, shit happens from time to time and will be like that forever.
What I mean is, that kind of things are called the noise and it’s like a domino effect. The cryptocurrency market is hot and volatility will be its best friend. So, when the market is falling you need to have the right mindset and think is normal about what is happening.
Corrections occur from time to time and volatility doesn’t help. Normally, is easier to destroy value in a short time than create value, what it takes months to build it could take one day to be destroyed. In this situation there is one thing that helps, you just need to think is sales season and you can buy more coins with less fiat.
This is a very personal decision but here is when mistakes take place. At this point, few things could happen, a bearish market starts, it bounces back or it begins to recover slowly, to name a few. Anyways, we don’t have the crystal ball to divine the future but what we know is in the long term, the market always goes up. This could take one month or some years to recover, so you need to be patient. My best advice here is, always invest money you won’t regret losing or you won’t need in the next 5-7 years, at least.
- BTC
- LTC
- BCH
- BAT
- LBC
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