Well recently the market is in a bad mood. and I'm sure many of us are wondering why. While there's no single answer, recent news suggests factors like Hong Kong ETF disappointments and the Fed's interest rate decisions are influencing Bitcoin's downward trend.
As we know, altcoins often follow Bitcoin's lead. This dip in BTC has also dragged down Ethereum and others, potentially creating excellent buying opportunities for those who might have hesitated before.
I know you guys will be asking me, why is this post when time's going out? To answer you, I'm already taking the dip. It's a good thing that some exchanges even started events, I am also currently trading some BTC and ETH in a trade to mine event on Bitget to earn some BGB rewards.
Well people might want to know that you guys think this is a perfect opportunity now to load up on BTC and ETH? I think people should take this as the perfect time to buy the dip while the dip exists now.
First, let me correct you that there is nothing like a Red market, that phrase denotes something that is more human-related, we should stop using words anyhow. The financial market has its terms, and the best one fitting for your title is a Bearish market.
Also, there is no other ETF saga that will be impactful like that of the US/SEC/Bitcoin impact that happened between late last year and early this year regardless of the country involved and the circumstances around it. So the ones you suggested above are not just the cause of the bearishness of the cryptocurrency market. However, the Federal Funds Rate could be contributory at times but the effect should be minimal compared to what we experienced. In my understanding judging by my experience in the market, the crypto market was overbought, there was a need for tangible correction, which coupled with the initial post-halving effect. This has now been priced in and the market may be returning up since the FED meeting of Wednesday helped out, and so are the important US news like Unemployment Rate, Average Hourly Earning and NFP. They are powerful news that all went against the US and the USD which is causing the crypto market to have a relief now.
Also, whether it is a bearish or bullish market, smart traders continue to earn money. This is unlike the blind follower who will only be arguing in favour of a bullish cryptocurrency market. That is not what will give me more money, but smart trading and investment.