There are a lot of bullish fundamentals occurring in the crypto market currently, you have Tesla accepting Bitcoin as payments, a new Bitcoin ETF filing for one of the biggest asset managers, etc. But despite all this, the entire crypto market is experiencing a dip right now.
Bitcoin is still over 50 thousand dollars and it is still up by about 82-83% since the year started. But this has been a rough week for Bitcoin but this dip is not a surprise to us neither is this different from anything we have seen this year.
The market dump is not the time for fear, it is a very normal situation. Instead, it is an opportunity for you to add more to your position as the price begins to job, it is an advantage for most investors.
If you are buying on pumps and selling on dumps, you will be losing a lot of money and might not make it. You need to do it in reverse.
People who have been in this business for long are not shaken by this current price action. Besides, there are still a lot of bullish things that will soon occur in 2021 so from the look of things, the bear market is not here yet and the full market is not over. This is only the regular stuff that occurs during a bull market, the dips are healthy and they are buying opportunities.
In other news, Fidelity has filed for a Bitcoin ETF in the USA. This is very good news because Fidelity is the third biggest asset manager in the world and they already manage a large range of ETF products. The likelihood that Fidelity will get approval is high because for them to be able to decide to file for an ETF approval means that they have an assurance that they will get it.
Yesterday, Elon Musk announced that Tesla will now be accepting Bitcoin as payment. He also stated that Bitcoin paid to Tesla will be retained as Bitcoin and not converted to fiat currency. This act alone shows a massive vote of confidence from Tesla and Elon Musk inclusive that Bitcoin will be going up in the future. If they were not confident in it, they would instantly be converting it to fiat currency and not holding it.
Tesla accepting Bitcoin as payments and PayPal crypto merchant payments means that cryptos are about to become more accessible throughout 2021 with Visa, Mastercard, and the rest adding their service.
