Bitcoin dipped down to $6,422 shortly today, and is already on it's way back up as people take this chance to "buy the dip" (buy more bitcoin while the price is lower than usual).
Now, to anyone who's been in the cyrptocurency space for awhile, today's news hasn't meant much except an opportunity to buy more at a lower price. The real pro's sold around $7500 immediately following the news the SegWit2x fork isn't happening - and are buying back today for $1000 less and making some great profits.
But if you're a part of any facebook groups, reddits, or following related hastags on twitter - newbie investors are clearly in a panic, and there's a lot of them.
So let's just go over how simple it is to understand today's price movements:
- Next week was supposed to be a Bitcoin fork.
- If you owned lets say 3 BTC, you'd then receive 3 of this new currency called B2X, totally free.
- People for the last few weeks were buying more Bitcoin just for that reason, to get the free coins.
- That's canceled. So people are pulling back out.
- So, price just goes back to where it was before all that.
It's all a lot less exciting when you understand, right?
Don't get me wrong, i'm glad so many new people are taking part in the cyrptocurrency space - in fact, I love it, and i'm glad you're all here.
But after reading through countless meltdowns on social media today one thing is clear - some of you new investors need thicker skin.
These days happen, always have, and always will.
Keep calm, relax, and hold (or HODL).
Author: Ross Davis
San Francisco News Desk
