Why is Crypto Down Today: Bear Market is Here?

By ChangeNOW | ChangeNOW Crypto Blog | 9 Jul 2024


What’s a Bear Market?

When crypto prices drop and negativity spreads, that’s a bear market. It can happen due to bad news, economic woes, or natural corrections after big rises.

There is a tool that shows market sentiment, ranging from 0 (extreme fear) to 100 (extreme greed) - Fear & Greed Index. Bear markets often see the index at low values, indicating high fear.

Bear Market Strategies

  • Stablecoins: Switch some of your assets to stablecoins to maintain value. ChangeNOW lets you swap 900+ cryptos for stablecoins with low fees.

Exchange BTC to USDT

  • Dollar-Cost Averaging (DCA): Invest a fixed amount regularly to reduce stress and smooth out market fluctuations.
  • Diversify: Spread your investments across different assets. With prices down, it’s a great time to buy at lower rates. And with our lowest fees in the crypto market you can not be worried about spending too much on commissions while swapping crypto!
  • Hodl: Sometimes, it’s best to hold and wait out the downturn.

With ChangeNOW’s low fees, no registration, and vast crypto options, you can easily exchange BTC and other coins.

Lessons from History

2018: Crypto Winter

Bitcoin plummeted from $20,000 in December 2017 to $3,200 by December 2018, with many coins losing over 90% of their value. This period taught resilience.

2021: Market Drop

In May 2021, Bitcoin fell from $64,000 in April to $30,000 in June due to regulatory and environmental concerns.

July 2024: Another Bear Market?

Bitcoin has dropped below $55K, with major cryptos also declining. The Fear and Greed Index is at 27, indicating high fear. Check out our earlier article for more on why BTC is falling.

Conclusion

Bear markets are a part of the crypto world. By understanding them and using smart strategies, you can navigate these tough times and even find opportunities. Stay informed, patient, and keep a long-term view. By the way, share your secret bear market strategies in the comments! 

Ready to make your next move? Exchange crypto on ChangeNOW today with the best rates and no registration hassle!

 

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ChangeNOW is a non-custodial service created for simple and fast cryptocurrency exchanges. We strive for maximum safety, simplicity, and convenience. We do not store your funds or require any sort of account creation. https://changenow.io/


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