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

"Too many people are buying #bitcoin and #altcoins on leverage which is causing these mini crashes," Twitter user @KryptoCop wrote on Twitter.

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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But as others pointed out, throwing one's money toward the slightest ebb and flow of the cryptocurrency market can be a losing game. 

That's been particularly true during the rise of meme stocks and investors who can make stocks rise or fall through online hype alone.

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"Too many people are buying #bitcoin and #altcoins on leverage which is causing these mini crashes," Twitter user @KryptoCop wrote on his account. "Stop borrowing money to buy these coins. [...] Once this stops the coins should rise again."

Given that cryptocurrencies are rising fast, mid- and long-term growth is still projected to be very strong, many argued that some could be selling their assets to create a false sense of panic around a natural volatility.

There were also plenty of humorous comments about beginner investors who get too drawn into momentary ebbs and flows. 

And, finally, one popular Twitter pundit offered a $5,000 giveaway for anyone toward anyone willing to put it toward buying the dip.