I am observing today something similar to what happened in 2020 but at a micro-scale. The announcement of a new COVID variant that may be resistant to current vaccines has sent the Dow and the S&P down the drain, particularly airlines and other travel hospitality linked business. Zoom stocks are up, mining and raw materials down,... It looks like a repetition also in bitcoin price with a plunge that may be ongoing.
For those of you that are newer on hodling, just calm down, this is nothing new, bitcoin will be there tomorrow and, likely, rebounding after the initial collapse caused by the stop-loss orders triggering of the first days.
All the market seems to be quite bearish at this time and it has been going down slowly. It was trading at above $60,000 earlier before now, but right now the market has dropped and is now at the range of $50,000. But this is not the first time that I am seeing a news that is saying that there is a new strain of covid-19, it has been a long time that this was being said, but the market kept moving pretty fine.
So, I don’t think that this time around the market is going to be affected now. If the market is going down now, then this is the time for it to go down, because it wouldn’t go up forever, there are still times that it would drop, which is why it is being said that the cryptocurrency market is a volatile market.