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Basically when you panic sell during a bloodbath, you sell your coins to the whales, who are more than happy to collect more of them at cheap price.
I have noticed this kind of person and he is one of my friends, lately, he sold out his all coins when the market starting a bloodbath.
Maybe one of these days he realized that he has a wrong decision.
Who says that the market can't manipulate by the whales?
I think they have the power to do that by paying those media broadcasters to keep spreading a FUD news that gives a negative image to the bitcoin or all crypto. Small bitcoin holders easily panic selling that's the time the whale had a big laugh because they bought at the lowered price they know that after a month the price will back to a normal price.