With all the momentum building up to the stimulus checks it should come as no surprise for people in the crypto market that overnight this momentum took a big hit with Bitcoin falling as low as $54k. The price of Ethereum also fell to $1730 as it continues its struggle to break past $2000.
If we quickly recover to where we were (around the $60k mark) then this would be a very bullish sign for Crypto and most people in the market expect this to happen in the next 48 hours. The price sell-off was typical of many others and could yet again represent another great opportunity to buy some crypto.
The only real coin to fight off this mini-crash was VET, which at the time of writing is at an incredible 18% gain for the day. In yesterday’s price watch we recommended VET as one of our altcoins to pay close attention too and at this moment in time, it is flying. When any coin fights against the momentum of the market it is always a great sign.
So, This Crash Is Just Temporary?
Well, the truth is nobody has a definitive answer to this question. We can follow past behaviour and Technical analysis to guide us but we can’t account for everything. However, what we can report is a general sentiment that currently surrounds crypto and it is believed that we are on the cusp of something extraordinary.
Therefore, instead of seeing these mini crashes as a bad sign maybe we can see them as our best opportunity to invest in more crypto if you can afford to do so. The price swung quite violently from $61k to $54k and if you have been in the markets for a while you will probably be aware of the effects of market manipulation.
This was in no doubt the case here and many people are picking up crypto for new lows. This is a great chance to pick up some of your favorite cryptos for discount prices. For example, if you knew for a fact that Bitcoin was going to reach at the very least $100k this year any price below it represents a great investment, and clearly picking up Bitcoin for $54-56k is even sweeter than picking it up for $60k