In November 2017, bitcoin plunged from $7,500 to around $5,800. People were freaking out about the price drop.
Just look at this scary headline from Cointelegraph on November 14, 2017:
If you were in crypto around that time, you probably thought bitcoin was going down the drain. But a month later, bitcoin was at $20,000.
Friends, this is the madness of the crypto market. If you’re new here, welcome! This asset will go up 30–40% on no news… and drop 30–40% on no news, too. You’ll also see people panic on price drops, just like they are now.
So today, I’ll tell you what’s behind this recent drop—and more importantly, why it has absolutely no bearing on the long-term trajectory of prices…