From today’s buy order activity to bitcoin’s historic ability to bounce back after being pronounced dead, a few calming notes in a day of chaos.
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The coronavirus got really extra real today for markets. A two and a half week sell-off was tipped to the next level by a major ratcheting up of action from the U.S. government (which still seemed clearly to be not enough to calm markets).
In bitcoin (BTC) , this meant a drop from around $8,000 yesterday to under $6,000 today – a head-spinning dump, especially for those who are more recent to crypto.
Still, in this episode, @NLW argues that there are 7 good reasons to keep calm and HODL on:
- It’s not just bitcoin
- Correlation means infiltration
- Peak fear
- Asia on the upswing
- Buy order behavior
- Bitcoin’s been dead before
- And a bonus: This environment is exactly what bitcoin was built for