The crypto market took some massive hits this week, mirroring action we’ve seen in the stock market.
On Tuesday 99% of the top 100 coins by market cap were in the red.
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Stories about banks cutting off services to companies and individuals who work with crypto, shutting down their bank accounts, turning off their crypto-loaded credit cards, shutting down their merchant accounts and even freezing their assets have sent coin values spiraling.
I know a lot of you are concerned about the state of the crypto market.
Today, I’m here to tell you not to worry.
Crypto Market Update: Relief Coming Soon
The entire crypto market has been in a dip that turned into a full-blown retrace these past three weeks.
Is crypto doomed? Is bitcoin dead? Is it time to sell and lick your wounds and give up?
Actually, I think right now the best thing you can do is hold tight…
Or, HODL (“hold on for dear life”), as the millennial coin investors say.
Selling now would either lock in minimal profits or possibly substantial losses.
Listen, this isn’t the first time I have seen extreme swings in the crypto market.
It’s happened about six times over the past two years. And although those instances weren’t as severe as this one, they were still a significant 40% downturn.
The same is true now as it was then. Nothing has changed about crypto fundamentals or the promise of blockchain technology.
Yes, banks like Bank of America, JP Morgan Chase and Lloyd’s of London are kicking bitcoin while it’s down. They are blocking people from buying crypto with credit cards (although debit cards work just fine).
And yes, the SEC and CFTC plan to ask Congress to consider federal oversight for digital currency exchanges.
It makes sense that people are starting to get a little nervous. I hear you.
That being said, I fully expect that we will level out in the next week or two, and then we’ll go sideways for a bit. From there, I expect a big spike upward will happen again in the next few months.
Low Prices Create Buying Opportunity
If there has EVER been a time to add to your positions at bargain-basement prices, NOW IS THAT TIME.
Remember when bitcoin was $15,000? $19,000? Wouldn’t you have loved to buy it for $9,000 just before then, or even $7,000?
If you think about it, we’ve gone back to December 2017 prices. Pulling back the lens a bit, we see the past few weeks of action isn’t as terrible as it initially looked.
Bitcoin and ethereum are both up over 37% from Tuesday’s lows. And a number of “alt-coins” with smaller market caps are seeing similar resurgences.
A unique opportunity has opened up for you to buy at super-low prices, and I think it’s time to take it.
Before the rally begins.
With where the crypto market is and the opportunity available, I wanted to take the time to talk about where you as a coin owner stand – and what you should do next.
I’m not saying it won’t be a bumpy ride as this all shakes out, but I still believe in the power of cryptos over the long haul.
Now is a bad time to sell your crypto holdings. In fact, it’s actually a good time to add to them.
The people who ride out bumps in a market like this fare the best when things get better.
Those who sell out at times like these are the ones who curse themselves when the market comes back and roars past where it was.
Stay strong and don’t sell.
This article originally appeared on The Daily Reckoning.