Bitcoin, Ethereum and other altcoin all together crypto market is crashed with series of fud news that surrounded. however, this was biggest drop of year 2021 and bullish run now seems like ended “for now”. Bitcoin since February 2021 dips below $40k level, as while bull run it was failed to create resistance level at $35k to $40k USDT level. As expert believes that BTC and alts probably can dip more for rest of May 2021 month.
Why Crypto market Down?
It was over Elon musk tweet that claims that Bitcoin is not fully decentralized, which controlled by miner only and also that it consumes more fossil fuel for mining. Again, he hits back with another tweet that Tesla no more accepting Bitcoin to buy Tesla cars, following this two news Bitcoin dropped to below $50k. however, everyone expected this will stopped but with unknown source multiple crypto news site posted that Elon musk sold his Bitcoin holding, later he explains he still HODL bitcoin and not sell any BTC he owned.
Elon musk from being hero to villain, as also announced that he will be working with Dogecoin developer to enhance security and performance of Dogecoin. This probably hinting he could announce Dogecoin as payment for buying Tesla Car. But crypto community started criticizing him and stared blaming him for current market fall.
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Now, we know when crypto market dips, crypto hater will start spreading fud news for creating more problem in crypto market. we know, in recent bull run most of investor bags their returns, as most Ethereum, Dogecoin, BNB and matic from top player already surged by over 1000% in just 4 to 6 months of times.
China warns company and institutional for crypto investment and sent official notice to banks and payment system to not process crypto related transaction. since 2017, I am all in the crypto and this could be the 100th time china banning crypto news are coming out. China banned crypto back in 2017-2018 and after that we have seen biggest dips in crypto market. without any knowledge or fake sources claim every media posted same information on their portal.
In my opinion, this both reasons are not valid at all, because it is not possible to maintain bull run for long time. as, bearish run need to be happened and since last 5 month most of crypto prices has not shown any big dropped. As per multiple exchange report web traffic and news investor growing huge million in numbers. Most of them enter in crypto because of this shitcoins aka meme coin who fundamentally weak and surging by over 100x from launching price. as scammer also creating more problem in crypto field, as new investor not having enough knowledge, where to invest and then by referring multiple fake post they invest all in this type of projects.
we still advice you to do not believe in fud news and do not panic sell your investment. just HODL and wait for market recovery, as this is just healthy drop that will heal with time. before you all in into crypto just go through market and study little bit about cryptocurrency and project you are investing. We know decentralized finance space is growing that was reason why Bitcoin dominance is dropped below 40%.
At first, you need to choose fundamentally and concept wise strong crypto project, as with growing Defi space you need to learn what is Decentralized Finance and how it works.
MicroStrategy and other institutional investor has purchased more Bitcoin, as being one of biggest investment firm must have followed some logic behind this investment. world biggest Exchange Binance founded also tweeted to HODL crypto investment. so, decide your next move but first do some research and collect some information.
Buy the DIP and don’t Panic Sell