{"id":2296,"date":"2023-04-18T15:00:05","date_gmt":"2023-04-18T15:00:05","guid":{"rendered":"https:\/\/www.withinnigeria.com\/piece\/?p=2296"},"modified":"2025-07-11T14:48:44","modified_gmt":"2025-07-11T14:48:44","slug":"bitcoin-dip-what-cryptocurrency-hoarders-and-traders-should-be-doing-right-now","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/piece\/2023\/04\/18\/bitcoin-dip-what-cryptocurrency-hoarders-and-traders-should-be-doing-right-now\/","title":{"rendered":"Bitcoin Dip: What cryptocurrency hoarders and traders should be doing right now"},"content":{"rendered":"

The crypto world is RED! As expected, Bitcoin and cryptocurrency are volatile. It has been weeks of lament and losses for crypto traders and investors due to the market crash experienced all around the world. This is largely due to the current global financial meltdown. Crypto prices soaring and then seem to crash almost as quickly, while rumors, sentiment and fundamental developments are quickly factored into the market.<\/p>\n

Volatility is actually one thing that makes crypto unique and why many new investors keep doubting if they should get into the crypto world or not. This recent crash is a put off for many of them. However, for traders and hoarders, it isn\u2019t new. It has been for years now ever since crypto was introduced to the world.<\/p>\n

For example, Bitcoin was skyrocketing in November 2021, hitting an all-time high of nearly $69,000. But less than three months later, it lost nearly half its value, plummeting to less than $30,000.<\/p>\n

At the same time, ether fell more than 7% to about $2,300. It’s now down more than 35% from the start of the year.<\/p>\n

Tether, the world’s biggest stablecoin, also dropped below its $1 peg<\/p>\n

The price of one of the top coins, Luna, even became almost equal to zero in the current downturn.<\/p>\n

Experts also believe that TerraUSD (UST), one of the largest stablecoins, played a role in Bitcoin\u2019s recent crash. UST is intended to be pegged to the U.S. dollar but it sank as low as 12 cents and collapsed in a pseudo-bank run as investors panicked and sold off their tokens.<\/p>\n

There is a saying in the crypto<\/a> world, you buy when it is dip and hoard. However, it seems this dip doesn\u2019t want to come up and this is where many are worried. With this continuous crash, what should crypto investors be doing right now?<\/p>\n

<\/a>Remain Calm & study developments in the market.<\/strong><\/p>\n

<\/a>The first thing every crypto trader or investor should do is remain as calm as possible. Fear of losing money and assets would have crept in, but that doesn\u2019t change the reality. Since volatility has always been the name of the game<\/a>, this should actually be the factor to drive one\u2019s calm.<\/p>\n

<\/a>Moreso, every bear market in the past has seen a recovery in 2-3 years and this shouldn\u2019t be any different. As bad as this crash is, it isn\u2019t the worst in the history of the crypto market crash. At the time of writing this, cryptos like BNB, Cardano, XRP, Solana, Polkadot and Dogecoin have gained up to 9 per cent in the last 1 week. Crypto traders and investors shouldn\u2019t be worried as the market will bounce back.<\/p>\n

<\/a>Take the right action:<\/h2>\n

After you\u2019re done cooling down and have assessed the situation and what it means for the future, you\u2019ll want to consider how to act.<\/p>\n