The crypto market has now come down to one of its lowest points in two years as Bitcoin and others have collapsed and this has created fear in the hearts of investors. As investors are afraid to put any money in the market, the price of digital assets like bitcoin continues to fall. As the chart turns red, there are undoubtedly countless things going through the minds of investors at the moment. But one question trumps others; Is it time to buy blood in Bitcoin?
Buying blood in bitcoin
Currently, the price of Bitcoin sits just above $ 24,000 points. This is the lowest digital asset in almost two years. For some, this has forced them to lose a significant portion of their portfolio in dollar terms. For others, it has proven to be a buying point for them. In addition, many investors deal with historical data, such as what happened during the fall in the value of digital assets.
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Investors have found themselves, countless times, making a lot of money from such markets when the value of digital assets was much lower. This is called ‘buying blood’, purchasing digital assets while maintaining a stretch of red.
However, for those investors who choose this path, it is not always fast. This is because when it comes to a bear market, there is no telling how much the digital asset will cost. It was at the beginning of the last bull market when the call to buy a dive blood for 14,000 began. But everyone will see later, the price will be reduced to $ 6,000.
BTC 24-hour decline sparks fear in investors | Source: BTCUSD on TradingView.com
Ultimately, it comes down to individual investors and their risk tolerance. There is a possibility of further losses at the moment. Even so, owning one is still beyond the reach of the average person.
BTC crash trending
The catastrophe that woke up the market on Monday is one for the book. Although the trend of digital assets was quite low during the good part of the weekend, nothing could prepare the market for sinking to $ 24,000. In light of this, space users have gone to social media to express their hopes, fears and frustrations about the current market.
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In the last 24 hours alone, the crypto market has lost more than $ 100 billion of its market cap. It has now dropped to a point where it has not been seen since February 2021 This, in turn, led to further sell-offs as investors fled the market for relative protection of the Fiat currency.
Not sure where the market is going or will reach the bottom soon. What is clear is that the bear market is in full swing. If the previous bear markets could go, crypto investors would find themselves underwater for the next two years.
Featured image from CNBC, chart from TradingView.com
Disclaimer: The following op-ed presents the author’s opinion and may not reflect Bitcoinist’s point of view. Bitcoinist is creative and a supporter of financial freedom.
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