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There's a lot of FUD and reasons for the current market downturn. But remember, markets are driven by psychology - fear and greed. So what's causing the drop?
- Banking sector collapse & liquidation.
- Israeli-Iranian conflict.
- Lawsuit against Kucoin exchange.
The last two seem like typical FUD that won't have much impact. But the banking sector crash + correlation with S&P 500 is a real reason for the sell-off.
Who are the banks? Direct competitors to the crypto market. So in the long term, more people losing trust in traditional banking means more opportunity for BTC and ETH.
I see this as a buying opportunity for crypto. The dip may continue, but eventually fear will subside and recovery will be faster than traditional markets.
Remember, be greedy when you're scared, and scared when you're greedy. Stick to this rule and you'll be fine 😎👍