I want to try and put this crypto sell-off into perspective. At the time I am writing this, BTC is about 40% down from it's all time high. The other major cryptos are down significantly as well from their ATH's.
A majority of the individual major cryptocurrencies are/were held by a handful of people. Most people who own bitcoin, for example, own less than .1 bitcoin, or .01 bitcoin...
Also keep in mind, MANY of these "investors" are NEW investors.....
They've never experienced a significant dip, and they don't know how to keep their emotions in check. Panic selling ensues and fear takes over; in this case, SIGNIFICANTLY. People will begin flipping over their own sailboats. The fact that futures are also now being traded (1 bitcoin contract w/ CBOE, 5 bitcoin contract w/ CME), opens BTC to being GAMED.
So should you be selling your bitcoin and/or other crypto?
It's hard to say. In order to chart bitcoin, I use the investment trust, ticker GBTC, as a proxy for its price. This is a 6 month daily chart.
I believe it is "technically" oversold, but remember, technicals can only be used as indication. Psychology plays a more crucial role in determining whether or not this could continue, and I believe this sell off will continue, in the short run, as more NEW investors lose faith and try to "Cut heir losses."
For the record, I love blockchain - Distributed ledger technology in general. However I believe HASHGRAPH is the future, as blockchain has helped paved the way for better technology.
