Crypto Crash: Is Now The Time To Buy The Dip?
Cryptocurrency prices crashed again this weekend, with Bitcoin dropping to its lowest level since December 2020. The drops come after similar price moves just one month ago.
Bitcoin prices were down below around 9% in the last 24 hours to $20,500 or INR 16,00,530 after a weekend in which the crypto market lost more than $200 billion and U.S. crypto lender Celsius Network suspended all withdrawals.
Ethereum (ETH) also fell about 11 percent in the last one day around $1000, down from around $1,400 on Friday. Cardano (ADA) suffered a similar fate, falling around 11.50% to $0.453698 today. In the last week it has decreased by more than 25%.
As Bitcoin (BTC) this week fell below $33,000 for the first time in around 12 months and with Ethereum (ETH) and Cardano (ADA) also tumbling, the crypto market appears to be crashing – or at least going through a major correction.
Given the old investment adage “buy the dip”, investors may now be looking for a piece of the volatile crypto market in hopes this marks a temporary downturn rather than a long-term bear market. If you’re thinking now is the time to buy, here’s a look at previous trends, some expert opinion and tips on buying if you’re new to cryptocurrency.