The entire crypto market is not having a good trend right now. One of the biggest reason is the SEC issue with the Binance exchange. Even though Binance had clearly said that they would legally take this forward whatever the consequence, people panic about this situation and that is one of the biggest reasons for the fall in the price of some of the cryptocurrencies. As Binance is one of the biggest cryptocurrency exchange and as it is one of the biggest players in terms of trading, this news has created a small down trend.
I'm sure the crypto market would recover back like how it did in the past for several other issues that happened. But people may not have the patience to wait. Looking at the price of the cryptocurrencies, I think it is still a very good opportunity to purchase some cryptocurrenices. Some of the cryptocurrencies are at the best price right now.
Keeping funds in the exchange
I have to also talk about keeping funds in the exchanges at this opportunity. It is always said that keeping funds on exchanges is not a safe option. One of the reasons is that the funds can get affected if the exchanges get affected. This current situation is about the reputation of the exchange and it will slowly settle down. Either way, there is a high possibility that exchanges might miss our funds, or when their exchange data gets corrupted or when there is an attack on the server, there is a high possibility that the tokens would get stolen and they may not be able to do anything about it.
There have been cases in the past where even the exchange would step up and take a side and use customer funds for some decentralization decisions. This has been registered as a terrible thing and Binance has especially done this in the past.
Buy the dip
Now is the right time to buy the dip I guess. I agree that we have been expecting the Hive price to improve for the last few months. But this is how it has been reacting to the price movement of Bitcoin. Until the SEC issue is solved, there is a high possibility that people might quit Binance to move to a different exchange. But it is not advisable to liquidate our assets right now when there is a huge fall in the price.
I would even say that this is the right time to purchase Hive if our plan is for the long term. There is a high chance that when the market recovers the price of Hive would shoot up again. Even if it crosses 40 cents, it is definitely a great return for purchasing Hive at the current price. In the last few years, I have seen many similar opportunities but this one is definitely great and I'm not sure if we would be able to see a value like this in the near future. We will know the value of the current market price only after we see the price of Hive back again at around 70 cents. But there again, we wouldn't be very happy because our expectation would be to wait for Hive to reach over 1$ and then sell it.
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