It is indeed true, prices have plummeted.Originally Posted by stan butler
There are a number of reasons that contributed to the sharp fall -
China announced a ban on all Bitcoin mining (a huge % of Bitcoin is mined there), this alone had a big impact on the price. Other factors were some major banks were refusing to send customers' money to known crypto exchanges. Added to this, Binance, the biggest crypto exchange in the world, came under scrutiny for some of its practices. Further to this, USDT, which is a stable coin that many people use to buy Bitcoin with, was also subject to allegations against it. All of this negative news came together within a short space of time.
Then you have the 'whales' ... these are large holders of a cryptocurrency (often professional traders) manipulating the market. They purposely drive down the price and hope that the likes of you and I will panic and sell off our holdings, which the whales snap up at a low price.
Unfortunately, this kind of 'bloodbath comes with the territory in the world of crypto. It will bounce back, as it always does. As an investor, you just need to hold steady and not panic sell.
If you are interested in buying while prices are relatively low, you could do what I did - send your money to 'Coinbase' and buy Bitcoin there. If the coin you want is not listed on Coinbase (they are quite limited) then send your Bitcoin/Litecoin or whatever from Coinbase to somewhere like Binance, where they have almost every crypto under the sun.
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