There have been a lot going on today with the Evergrande drama. The stocks have dipped as much as they had in February, the housing markets are also shaky. The entire global economy is fearing something big. Crypto is not the only asset that’s dipping today.
People need to realise that Crypto has no hand in the general world economy. If shit hits the fan, and the entire market crashes, so will Crypto. One thing is for sure, if the market does crash, Crypto will recover faster than others. We are still early in Crypto, in general finance it is still treated as a speculative asset rather than a currency.
It is completely normal that we see a few rough weeks, months or even years if the market reaches that point. Nobody blames gold when the price of gold reacts according to the world economy. You should also not blame Crypto when it does the same.
The best thing you can do now is hold patience. We have seen way worse days just a couple months ago. I’ve held through -52% and -30%. This is nothing special for Crypto. If you are a newbie, the best you can do now is DCA. Remember: Time in the market is always better than timing in the market. Especially so if you are investing in something as volatile as Crypto.
TLDR: Crypto is just following general market trends. Crypto isn’t the only one dipping today, the entire market is, and you can’t blame Crypto for that.