The crypto market took a tumble last week, but experts are urging patience to ride out the volatility storm.
Bitcoin sold off sharply. The slump represented an acceleration of a downtrend in the world’s No. 1 crypto that had begun over the past 10 days or so, investors and industry specialists told MarketWatch.
At last check, Bitcoin prices were changing hands at $38,732,56 on CoinDesk, which is actually a remarkable feat since it touched.
Yesterday, The market hit the lowest of BTC which is around $30k, this position worked as a resistance did not let the BTC to fall further. And recovered to 36k till today. And still BTC is struggling to gain its position back. But that looks pretty hard to hit $60k, which is the last highest position in the history of BTC.
The fall of BTC came after the news from Chinese government on banning of mining BTC which spread huge FUD around the world among the crypto traders, investors and developers. After the news people panic sold their holdings of crypto to get cash in exchange.
Who Took The Advantage of FUD And BTC Fall?
According to some deep sources, the richest investors and traders also known as Crypto Whales took advantage of the BTC fall crisis. When the BTC fell below $30K, these Crypto Whales has filled their bags with tons of BTC, in order to gain profit in future. Another evidence is that there was a shortage of USDT in market for third world countries on P2P trading, this shows the influence of Crypto Whales on market. Many people were unable to buy more USDT.
Is this is a time for Bitcoin Cash (BCH) to rise and shine?
Yes! This is a huge opportunity for a Bitcoin Cash (BCH) community to start buying BCH at the best lowest rate available for now and invest all the savings in it. The price has been this low very long time ago and coming days the price seems to rise and find stable position. This opportunity is for a limited time until the market recovers and find its stable position. Investing more in Bitcoin Cash will rise the market capital, that will cause the price to increase. In this way we can fill our bags full of Bitcoin Cash and also we might leave Bitcoin behind in value as well. So Bitcoin Cash will become a good competitor of Bitcoin.
As a member of Bitcoin Cash community I have purchased more that 500 BCH, thanks to all the supporters from the community to make this possible. I hope in future BCH will leave behind BTC and I hope to share my BCH with others as well so they can take advantage of BCH and continue to support our small community.