Quote from: lexkiee28 on Today at 12:15:15 PM

Quote from: ogundowotoby01 on May 19, 2021, 10:52:07 PM

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

In some point one key factor why there is a dip happening are because of these two reason that is Elon Musk and China created FUDs that scares the whole crypto community especially those newbies and weakhand that turns into panic for them. Nowadays crypto enthusiasts are now just looking for the tweet of Elon Musk instead of looking at same technical and fundamental aspect of crypto analysis.

They may have contribution on why the market is behaving this way. But maybe, it is high time for correction as we saw the above 60k level for the first time. There will always be correction at some point and these factors like Elon's tweets and China's move towards crypto mining may have further instigate the correction. But whatever the reasons are, just take care of your own business because these people will not look after your portfolio. Just do what you can do to take advantage of this situation.