The past week marked a massive drop in the prices of Bitcoin and other cryptos. Elon Musk’s tweets, the situation in China, all kinds of regulatory issues and more led to the fall in the crypto prices.
A lot of people panic sold their BTC and the crypto market was definitely cleansed of weak hand during the past week, that’s for sure. Strong hands, on the other hand, have bought the dip and they are accumulating coins.
The fact that some investors bought the dip definitely means that they are still confident in the on g-term bullish prospects of cryptos amidst regulatory concerns.
“The long-term thesis for crypto remains unchanged. Inflation, decentralization, privacy, programmability, seizure-resistance, and censorship-resistance…these are the secular drivers of adoption,” angel investor and entrepreneur Balaji Srinivasan tweeted.
Changpenzg Zhao addressing panic selling
Check out what’s Changpeng Zhao’s opinion about the people who panic sold during the past week.
People who panic sold are more likely to FOMO back in.
— CZ 🔶 Binance (@cz_binance) May 24, 2021
Someone said: ‘Bull market/Bear Market? Just have plans for each Scenario and never regret any decision made I once sold 10 #BNB @$90 ATH and some weak hands are crying when #BNB dropped to $212 yesterday Rolling on the floor laughing.’
A follower said: ‘Its not like that CZ…people who sold at 58k will reenter at 25k with more than double the power. I know why you keep saying hodl…you business midel needs liquidity and that comes from hodl.’
One fan said: ‘Agree, l didn’t panic sold but it was one of the hardest moments in my life. l believe my patience will pay off when the old tops are new dips.’
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $37,742.40.