The Bitcoin exchange rate have dropped down below 10 000 USD first time since December 1st, 2017. As of the evening of January 17, 2018 it was 9,529 USD per 1 BTC. it dropped at 21% in 24 hours and at 33% for the last 2 days. From the top maximum value in December 2017 (20,090 USD) the rate have dropped down more than twice. The Ethereum rate, the second top cryptocurrency has also dropped but not so much: from 1,200 USD to 980 USD.
What is going on and should we panic?
As per the experts opinion, the sudden dropdown of the cryptocurrencies is temporary and depends on 2 factors. First is the forecasted technical rollback. The market of cryptocurrencies if playing back its growth which happened at the beginning of last December. At that time the Bitcoin had been growing too fast so the rollback was unavoidable. The second is the possible crypto market regulation in China and South Korea.
Is this forever?
No. The sharp dropdown of Bitcoin and Ethereum has been influenced by the panic at the cryptocurrencies market. The users started to sell their savings without thinking about the long run perspectives. The financial experts all together believe that the Bitcoin exchange rate will get back to the previous rate by the spring the latest. If you have a look at the other less famous cryptocurrencies, their rate is staying the same and varies at the daily trading limits.
What to do now?
First, do not panic. Actually, the users of Bitcoin have actually collapsed the rate by themselves when they suddenly started to sell everything that they have got. At the end they have damaged themselves since they reduced significantly their profit comparing to the situation if they would have waited a little bit.
Second, if there is no chance to avoid the panic, then you can exchange your Bitcoins and Ethereum into more stable cryptocurrencies. There are many young cryptocurrencies, for example, OctoinCoin (OCC) which have got the fixed price at its release. That makes it a convenient tool of saving the money.
OCC is a very perspective high technological product which have already got its own cryptocurrency. it means that the stability of cryptocurrency is guaranteed by the deposits of people. The cost of OCC is 100 USD per coin.
To summarise, the main advise which we can give you is do not get influenced by the total panic and keep your cryptocurrency with you. The cryptocurrencies are strongly integrated into the world financial system and will not disappear from it.