We’ve seen it before and we’ll surely see it again. In a feat repeated at least once if not twice per year, the bitcoin price has sunk like a stone, this time below the key psychological support level of $30k.
Friday give us a 10% rebound but is this going to lead to a sustainable rally or a dead cat bounce?
The war in the Ukraine and uncertainty around upcoming regulations have led to a very unsettled 2022 for the crypto market.
When LUNA, just a few weeks ago one of the most valuable cryptocurrencies, lost it’s entire value in less than a week the entire market went into a FUD panic. This led to bitcoin falling below $28k for the first time in 12 months. When Bitcoin sneezes altcoins get pneumonia and they plunged through the floor.
Yawn. For those of us who have been in crypto for more than two years, this is old hat. We’ve seen it before in 2020, we’ve seen it in 2018 and we’ll see it again. Honestly, at this stage, we’re delighted to be able to come back into such an undervalued market and buy our favourite coins for a discount price.
Many experts have sighted extreme volatility in the coming days, however, long-term cryptocurrency investor and CEO of CryptoClear Johnny McCamley said, “For me, this represents an amazing buying opportunity. The long-term potential of cryptocurrencies is huge and for me, this was a very unique opportunity to get some blue-chip altcoins at discount prices. In truth, after this downturn ends, we might never see such low prices again in crypto.”
Cryptocurrency and the stock market have never been so closely aligned. We will no doubt see more turbulence to come, but then again that’s all part of crypto. As they say, bull markets can make you money, but bear markets can make you rich. We don’t give investment advice at CryptoClear, but we will tell you this – we are buying.
