‘Bitcoin Is Not Naturally Going Down’: Market Reacts To Buying The Dip

Eufemia Didonato

As Bitcoin, Ethereum and many other large cryptocurriencies took a dive on Tuesday, #BuyTheDip has also made a reappearance on Twitter.

Immediately, popular crypto influencers like Carl Runefelt started encouraging followers to “buy the dip,” or take advantage of the price drop to score cryptocurrency before it goes back up. 

The opportunity is hard to ignore — when Bitcoin hit an all-time high of more than $68,000 last week, analysts predicted that it would soon top $70,000. 

But after the Chinese government announced a crackdown on crypto mining, it $60,000 for the first time in two weeks and was worth as low as $58,702 at one point during London trading time. 

The world’s second-largest cryptocurrency, Ethereum also fell 5.2% to $4,325.18.

#Gold is jewelry marketed by sales professionals for a commission,” MicroStrategy co-founder Michael Saylor wrote on Twitter. “Buy #Bitcoin.”

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