This latest rout has definitely unnerved even the most steely hands and obliterated the optimism and “confidence” of new crypto traders. Welcome to another episode of The Great Crypto Flush.
It seems a distant memory that Bitcoin was hovering around the $60K range just a month or two ago. The crypto market was experiencing a consolidation as drops after drops culminated in a huge flush yesterday which saw Bitcoin touching $30K on Binance.
Good project tokens like MATIC and ADA saw their respective prices hit the $1 range before bouncing back strongly. To the discerning eyes, one can clearly see a flight to quality as good projects continue to receive demand for their tokens.
Cryptocurrencies are here to stay. They create a new revolution in the technology space fuelled by economic incentives baked into the token model. True believers will buy the dip. For the many of us, we need to remind ourselves that the crypto market is high risk and volatile and we should only play with what we can afford to lose.