One backlink - rankings dropped considerably

Hey guys,

I've got a new-ish website (4-5 months) and it is in a niche which will never be able to build its own links naturally.

I linked one of my old websites (which doesn't have a penalty on it, but does have SOME spammy links to it) which is in EXACTLY the same niche to it (with one link in a post).

A few days later my other website had a big ranking hit for a lot of keywords, is this likely to be the cause? I don't think there will be any (or many) other backlinks to my new site :S

Really confused and would really appreciate some help, thanks guys!

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You only build one link..

Whatever the reason(s), I do not think it is due to that one link

I doubt that one link is the cause of it.

Did you isolated the ranking facts? Or did you do something more?

Most like you were not impacted by one link. Did your site have other unnatural links before that?

Are you sure it's not dancing? I will give it a week. It's very unlikely a link causes that.