Bitcoin price took a deep plunge
There is a huge drop in crypto-currency prices earlier this week following a move by the Chinese government to ban new Chinese Yuan deposits at BTC China, the country’s biggest Bitcoin exchange. This was followed by an order by China’s central bank to payment processors in the country to stop working with Bitcoin exchanges, which triggered a massive sell-off. The deposits ban is a blow to the Bitcoin ecosystem in China and perhaps worldwide.
The price will potentially go down a bit more before we bottom up and start rising again. We have witnessed it before, and yet we will see it again. If you are patient, keep your coins and wait for the next bubble, because this is not the first Bitcoin bubble and history repeats itself.
If China really wants to ban Bitcoin, it will ban Bitcoin. It is not illegal to own Bitcoin in the country and Bitcoin owners can still trade with each other, just that the online portals are not accepting Chinese Yuan deposits anymore. China might have been taken off-guard with the growth of Bitcoin, and the digital currency makes it too easy to move money out of the country. They wanted to take a pause with an order to stop Chinese Yuan deposit while they better understand the landscape.
So if you have just bought Bitcoin, Litecoin or other altcoins during their peak and regret about it now, just relax, give it some time and forget about it for awhile. Sit on it and get back to it on the next bubble, which could be the next few years but it is inevitable. Or sell what you have now, try to cover losses in some other ways, and regret that you made a bad investment today. Then move on and some day you will regret about your decision today.
As with any type of investment, there is always risks involved. Remember this, don’t invest more than you can afford to lose. Grow your investment portfolio slowly. That is why i chose to mine crypto-currencies and my only decision is when to sell it off.