Bitcoin and Ethereum Takes the Plunge!

Bitcoin and Ethereum make for an unlikely pair – the former is a cryptocurrency known for its impressive gains, while the latter is the world’s leading cryptocurrency platform by market capitalization. But it appears these two have something else in common: taking a major plunge overnight!

BTC Drops Below $28,000

The world’s most popular cryptocurrency, Bitcoin took a nosedive, with its price dropping below the $28k mark! Though it briefly gained its footing briefly, before falling back down and closing the day below the $27k mark.

ETH Under $1,800

Ethereum, the second largest cryptocurrency, wasn’t spared either, with its price dropping below the $1,800 level, only to briefly recover and close the day around $1,780.

What caused the sudden change in the market sentiment? The answer is simple – FUD.

Fear, uncertainty and doubt drove investors to divest from both Bitcoin and Ethereum. This, combined with the highly volatile nature of cryptocurrency, was enough to drive prices down.

No Need to Panic – This Too Shall Pass!

Though the situation may seem bleak, there is no need to panic just yet. After all, this is just one small bump in the road for the two cryptocurrencies and we’ve seen them recover from far worse.

Take heart – now is the time to reflect, research and plan for when the market recovers. Here are a few tips to get you started:

  • Keep an eye on technical analysis – it will help you understand the market’s changing dynamics

  • Diversify your portfolio – this will help protect you from loss if one currency experiences a dip

  • Don’t be too emotional about a trade – this often leads to poor decisions

  • Stay informed – follow reliable news sources to stay on top of the market

So, What Now?

Despite the gloomy situation, there’s no need to worry too much. These drastic changes are simply part of the game and often, they provide the perfect opportunity to buy in before the bull takes over again.

Plus, let’s not forget, there’s always HODLing – a term which refers to holding cryptocurrency as opposed to trading back and forth.

The choice is yours. So, when the market recovers, will you be ready to take advantage of the possibilities?