Was that Only a Dip?

in SteemLeo5 years ago (edited)

While being concerned by a "local" topic which I try to avoid for my own well-being, the crypto world has suffered quite a serious dip this week.

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I admit I haven't been following the crypto news at all to see if there is any event that could influence this selloff.

And to me it seems too accentuated to be put on the back of marking profits. Maybe that was the case at the top, when it started to go down.

But this looks like a pullback that is in sync with stock markets, and most likely generated by this corona virus.

While the virus may or may not kill as many people as others did in recent years, from what I've seen it is very contagious. And its biggest effect will most likely be on world and local economies, because of the quarantines and voluntary isolation, not on the lives taken.

Bitcoin has been look at as an alternative to gold, but it doesn't seem to act as a preserver of value in harsh times. Its price is still driven by quick gains, and it will continue to do so as long as it will have a high volatility.

Bitcoin halvening is coming up in May and it was considered as an event which will bring up the entire crypto market, bitcoin in particular. And it has, up to the dipping point.

Do you think corona virus effects will interfere with this outcome? Personally I have no idea, that's why I'm asking.

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I would suggest you to follow @rektcapital on twitter to have a broader picture of the halving and how the market evolves this time around. From my perspective, it is a well deserved dip. After all the market rallied pretty hard in the last months. I don't believe the virus has any positive or negative effect and I guess bitcoin doesn't react anymore to news.

Thanks for the tip. I will.

I trade occasionally yes. Good luck with the community!

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