Is This a Good Time To Buy Bitcoin or Crypto?
As we mentioned earlier this week, the long-awaited crypto crash has finally hit. We can’t predict when the Bitcoin market will rebound, or even if it will crash further. However, we can answer some questions we’ve received.
Some of you are asking whether now is a good time to buy Bitcoin or altcoin and use it to play at Australian online casinos. Now is a great time to do so and present an opportunity that you may not see again for a while.
Half Priced Bitcoin and Crypto Anyone?
Let’s start by addressing the obvious. Depending on whether you’re looking at Bitcoin, Ethereum, Litecoin, or any of the myriad of coins out there, most coins have dropped anywhere from 40% up to as much as 80%. At the time of this writing, Bitcoin is down from a high of $65k to around $35k.
You’ll often hear people talk about “buying the dip” in crypto. This is usually when the coin drops a few hundred, or a couple thousand. The current levels of Bitcoin is where you should be buying the dip. Anytime that a coin you believe has a solid future has a significant drop, that’s the time you should be buying.
For Bitcoin, most drops of 25% or more are opportunities to buy. For other altcoins, it depends on the volatility. For example, the 25% rule can apply to Litecoin, Ethereum, and others. However, I would not buy Doge again until it drops 75% or further.
Be Careful With New Coins
If you’ve followed crypto closely, then you know there are constantly new coins being developed and listed on exchanges. These range anywhere from meme coins to coins that appear to be addressing legitimate concerns in the crypto space.
The problem is that most of these coins are going to lose significant portions of their market cap. Those that get in at their all-time highs may lose significant amounts of money. Now if you want to dabble a bit with speculative coins in hopes they become the next Doge, that is fine as long as you aren’t spending a lot of money. However, keep in mind that there is a significant chance that the new crypto goes defunct.
Invest or HODL?
There are more options than ever to buy crypto, but they are not all created equal. Some of you have heard that Robin Hood and Paypal both allow you to buy crypto. While that’s the case, there are some caveats with buying crypto at those sites.
First, you do not actually own the crypto. The crypto is held by the site and you cannot withdraw your coins. It is more like you’re investing in stocks. You don’t get physical stocks and the site holds to the coins.
Other exchanges like Etoro and Coinbase will allow you to buy, sell, and withdraw crypto, but the number of coins you can buy is somewhat limited. The good thing is that the coins listed are less likely to go to zero than at other exchanges. However, you will be unable to buy most of the up-and-coming coins or speculative cryptos like mentioned earlier.
If you plan to invest in crypto for the long haul, the better option is to buy from exchanges that allow you to withdraw your assets to a digital wallet. That way, when it is time to sell, you can send your assets to whatever exchange will accept them.
When Will The Bitcoin Market Rebound?
The big question everyone asks when there is a crypto crash is when the market will rebound. The truth is that we do not know when this will happen. However, based on past trends, it could take years before we start seeing all-time highs being challenged yet again.
A lot has to happen for a new mania to start up and with China and the US looking to tighten down on crypto, the market could take a while to rebound. This is good for those of you that want to fill your bags. This is a great time to do so. When the next rebound hits, you will be ready to take full advantage of the rising prices.
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