Last Friday on 12 June 2020, there was a huge drop in the price of almost all cryptocurrencies after a nice bull run just slightly before the drastic drop.
The hearts of many traders may sink as many expected the price to rise with all the positive prediction that Bitcoin will reach the historical $20k again like 2017.
We all know that there are many rich whales that can easily manipulate the market price.
When the price of cryptocurrencies is falling, many may feel pressurised to sell as they do not want to lose their capital or continue to lose more.
The truth is 1 BTC is still 1 BTC if you have purchased it so it does not change but the value of 1 BTC changed due to the buying and selling.
We need to resist the selling pressure and keep ourselves in sound mind.
We should not let our emotions overcome us and start to exhibit our anger and frustration especially on our family members.
We must learn to hodl our current coins and wait for the price to rise since we have seen how the price of cryptocurrencies can rise again but it is a waiting game that stretches our patience in great extend.
If we can simply invest with only the spare cash that we do not need urgently to pay bills or food, we can simply leave it like a fixed deposit that may even profit us many times in the future.
It may take days, months or even years but this waiting game profits a patient man more.
We must choose not to be manipulated by the crypto whales as they may just be the ones who are pumping and dumping to gain quick profit from panic buying or selling of new crypto investors.
Disclaimer: This is my personal reflection and I am not in any position to instruct anyone what they should do. I am not responsible for any action taken as a result of this post. My post can only be a reference for your further research and growth.
