Bitcoin, Ethereum Crash: Is it Time to Buy or Sell Cryptocurrency?
The news is spreading fast. As some industry experts have suggested, you can build a long term portfolio by investing in cryptocurrencies. The investors can invest in a disciplined manner through SIP, like in mutual funds.
Bitcoin, best known as the world’s largest cryptocurrency, fell to three-and-a-half months. The best-recognized cryptocurrency on May 19 jumped over 50% to $30,066 from its record high of $64,895 hit on April 14. On the other hand, bitcoin had climbed back later to about $38,500 by 10 pm UK time. Ethereum has dropped closely by 57% to $1,850, its weakest level since late January.
The drop in the cryptocurrency, on track with Elon Musk‘s tweet previous week that “Tesla will not accept bitcoin as payments anymore.” On May 12, he had declared that Tesla will no longer permit vehicle procurements using bitcoin due to environmental worries.
China has currently banned financial institutions and payment companies from providing services related to cryptocurrency. The transactions forced the battle in the market. At one point during the collapse, almost $1 trillion was spread of the cryptocurrency’s market capitalization.
Sell or Buy: What would crypto investors do now?
The CoinDCX co-founder has stated to cryptocurrency investors that Bitcoin is a stock of value and should be preserved as an asset class with a long-term forecast on profits. It has always been said that investors should focus on the fundamentals and the long-term nature of the asset class. They should ignore short-term volatility.
Further, he says that from the technical analyst's view would call this a test of the care level around $40,000. Investors should fund education first. Research the fundamental value of Bitcoin, Ethereum, and other crypto-assets as you can look at a company’s information previously buying stocks. Pay your attention while planning your strategy, he recommends.
CBW - External Analyst