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Cryptocurrencies fell by 10-20%. What should traders do when the market crashes?

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Cryptocurrencies fell by 10-20%. What should traders do when the market crashes?

The digital asset market has experienced a sharp drop. Experts are confident that this is a temporary correction, and they called it a chance to profitably invest. But it is important to choose reliable, promising coins and find the right moment to complete the transaction.

Over the past day, there has been a sharp correction in the cryptocurrency market. The bitcoin rate fell by more than 20% – to $ 32.5 thousand, then recovered to $ 35.2 thousand. Ethereum fell in price by 17%, to $ 1000. The majority of altcoins showed similar dynamics.

BitXmi experts’ opinion

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BitXmi experts suggested that a short-term correction has come in the market, and this is an excellent opportunity to buy the leading cryptocurrencies by capitalization. Perhaps soon Bitcoin will again test a maximum of $ 42 thousand. Investors who bought BTC with the prospect of several years should not sell it now.

“Institutional money continues to flow into the crypto market, which is in no way in line with expectations that Bitcoin will soon collapse to $ 15,000, as some predict. The same Grayscale Investments fund notes the growth of interest in bitcoin, even of pension funds, which usually adhere to conservative strategies and do not invest in super-risky assets,” – the experts shared.

Analysts believe that the current decline in the BTC price is a local correction after a significant increase, no more. Therefore, it is possible to buy bitcoin at the current levels, since the asset price may rise up to $ 40 thousand. The correction may continue to $ 28 thousand, if this happens, it will be possible to increase the share in BTC.

What altcoins should you buy right now?

The current price is optimal for buying top altcoins such as LTC, ETH, XRP. The market in 2021 may continue to grow amid a weakening dollar, experts explain. According to tradingview.com, the DXY Index, which measures the dollar’s strength against a basket of six leading world currencies, has dropped from 100 to below 91 since May.

Earlier, the chief investment strategist at Bank of America, Michael Hartnett, called Bitcoin “the worst of all bubbles.” He warned that the hundreds of percent rise in the price of bitcoin in recent months may be the result of a speculative mania. The expert recalled that such market dynamics preceded many crises in recent decades.

Read actual crypto news and forecasts every day on https://news.bitxmi.com/

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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