A market collapse, the beginning of a bull market, or maybe the end of cryptocurrencies?
A market collapse, the beginning of a bull market, or maybe the end of cryptocurrencies? A market collapse, the beginning of a bull market, or maybe the end of cryptocurrencies?

The sudden drops that took place today and affected both BTC and most altcoins caused a lot of panic among inexperienced investors.

Telegram cryptocurrency groups were quick to post messages whose authors were rallying to the beginning of a bull market and a major collapse.

El Salvador buys in at the bottom

However, this did not discourage the president of El Salvador, who announced on Twitter(@nayibbukele) the purchase of an additional 150 BTC:

“Buying the dip

150 new coins added.

BitcoinDay #BTC🇸🇻”

Given the earlier news that El Salvador has already bought 400 bitcoin, the first country to officially accept BTC as a means of payment as of today already has 550 bitcoin.

By the way, we would like to remind you that at 23:00 the action of buying BTC for a symbolic $30 is to start, which we described in the article: users of the Reddit site go shopping: planned action of buying BTC. So if anyone was planning to take part in it, they can take advantage of the “promotional” prices.

What to do during drops?

A sudden collapse in prices is worth using to rethink your strategy. If someone was terrified by the appearance of red candles on the courses of almost all cryptocurrencies, they should consider whether they have invested too much money in cryptocurrencies.

However, regardless of whether someone intends to sell or buy during the downturns, a sudden crash of the Kraken exchange or another platform can effectively prevent them from doing so. It’s not bad if the exchange quickly restores full functionality and you can continue trading.

Safe storage of cryptocurrencies

But what if the funds were frozen for a long time (or in extreme cases irretrievably lost)? On the pages of BitHub, we have repeatedly reminded you to take care of the safety of your cryptocurrencies. So instead of storing funds on an exchange, it is worth using hardware wallets, which for years have been considered the safest solution to secure digital assets (for more information, see the article: Trezor vs. Ledger | Cryptocurrency wallets comparison).

Another thing that you can think about is what you are really into

where the money is invested. While BTC, ETH and several other cryptocurrencies should easily survive a possible slump, many “niche” projects would most likely disappear from the market permanently.

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From the Editor

This article neither in whole nor in part constitutes a “recommendation” within the meaning of the Act of 29 July 2005 on trading in financial instruments or the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulations (Ue) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive. Thecontent contained on the website does not meet the requirements for recommendations within the meaning of the aforementioned Act, inter alia, it does not contain a specific valuation of any financial instrument, it is not based on any valuation method, and it does not specify investment risk

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