11 Jan For those Panicking about this correction, keep in mind, Bitcoin is NOT a stock!
Bitcoin is NOT a stock that just sits there and moves based simply on inflows/outflows of investors monies.
NO. Bitcoin is a currency with real world purposes and utilities. There are dozens of companies that are built on top of Bitcoin that use it on a daily basis, some of which move billions of value on a monthly if not daily basis.
We are talking cross border payments, remittances, lending, every day purchases.
Take for example 3 big lending companies built on Bitcoin! BlockFi, Celsius, and Nexo! All which boast to have paid out billions in interest. Each of these companies will have risk management systems built in to their platforms to avoid over extending. This means when Crypto moves 100%+ in less than a month you better bet your assholes that there are going to be sharp corrections not just from all sorts of companies doing their thing but all the typical FOMO selling.
These sharp corrections is Bitcoins heart beat, the FOMO weak hands selling is just a bonus HODLers get from these heart beats. Zoom out on your charts. Start looking at Bitcoin from a daily or monthly perspective. Stop looking at the 1m,5m,15m,1hr candles.
Strap in and HODL on this is normal.