Waking up on Sunday April 18th, 2021 to see the crypto market bloodily red came with some apprehension. Knowing that a previous day, Bitcoin was trading at between $64,000 to $65,000 and waking up some hours later to discover it has way down deeper was amazing.
What? What's the problem? Any major news? These and many more questions were buzzing the minds of many crypto traders and investors. What could have been the cause? Remember some people had just bought into the coin at between $62,000 - $64,000. The current price really is a call for concern.
Learning later in the day on Monday April 19th, 2021 that some investors on Coinbase had sold off their Bitcoin holding which significantly had a ripple effect on the market price. My question: 'is that sufficient enough to explain for such a huge price crash'?
Not only Bitcoin that experienced the price crash but other alternative coins did. 'Did the whales sold off their holdings too'? Still pondering on that though because my curiosity has not been satisfied. Fine, it's a market that operates and depends on demand and supply with direct implication on price movement but such a humongous drop in price within some hours is unacceptable.
Where do we start from? I think the market really needs some stability right now. Crypto has come to stay and the world needs to see and accept it as such. The drop in Bitcoin been a major store of value should not necessarily affect all alternative coins and tokens as it did now. Maybe there are some fundamentals for me to know and learn about about the market.
Am open to learning and relearning. Searching for information right now and a sustainable cum predictable market analysis. Hope to know some more sooner than later. Welcome to crypto currency world!