Do not sell under panic. Hold your position. The market will go back up. Those who have been in crypto a little longer has seen this trend wash, rinse, repeat over and over. Just go look at the buy walls. The pros are buying up all the coins. For what? So that they can cash out again when the next waves of newbies get in the game. In fact, the 1st August BTC fork was supposedly more devastating but Bitcoin survived, unscathed.
What's up with BTC prices? It was already headed for a correction around the 4.8k mark, the recent China ban on ICO coins just rattled people and 5 billion got withdrawn from the crypto pool.
Let's talk about that for a bit. Word from the ground in China is that the crypto craze has produced over 4000 shitcoins there, many scams, and rich traders abusing the market. The government had to come in to enforce some regulations to protect people from themselves. Because that sort of wild west activity will only hurt the crypto market in the long run. Also I think what China wants to do is buy time to figure out how they can be the lead in the great crypto/blockchain race. Regulations by the way is a double edged sword. It protects newcomers and legit businesses but penalises the resourceful ones from profiting from a free market. So it depends on which side of the fence you are on, you are either going to enjoy the next part of the journey or hate it.
I have massive love for crypto. It's a job and a hobby. And I'd be damned to see new folks get lost in this game and hating crypto because they got off on a bad start. I'm gonna start a brand new account on an exchange and guide you all the way from day 1. You follow what I do and let's see if you can figure your way around without losing money in the mean time. I starting with 1k and working my way towards 1 million. I will be posting regular updates on fb.me/CryptoCentral.net.
Either you're a low budget trader, or a trader with huge capital, or someone who wants to build a mining farm, come talk to me.
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