Cryptocurrencies are going through a rough patch and the reason behind it is still unknown to everyone. The market is down by more than 50% and the value of Bitcoin has fallen to $6,000 from $19,000. The reason for this massive fall is still unknown but some experts are saying that it is due to the crackdown on the cryptocurrency exchanges by the governments of South Korea and China. Click here to know more about cryptocurrency world.
Whatever the reason may be, this is definitely not good news for the investors who have put their money in cryptocurrencies. The market is still volatile and it is hard to say when it will start recovering. If you are an investor, then you should definitely stay away from the market until it recovers.
If you are not an investor, then you can still invest in cryptocurrencies but you should do it very carefully. You should only invest money that you can afford to lose. Don’t invest more money than you need to because the market is still very volatile and it is hard to say when it will start recovering.
If you are a trader, then you should also stay away from the market until it recovers. The market is currently very risky and you can lose a lot of money if you are not careful.
There is no telling when the market will start recovering so you should be prepared for a long wait.
What’s then?
The crypto market is down significantly today, with Bitcoin (BTC) and Ethereum (ETH) both seeing around 10% losses.
There are a number of reasons for this, but the main one is undoubtedly the news that South Korea is planning to ban all cryptocurrency trading.
This has caused a lot of panic in the market, and many investors are selling their coins in order to avoid losses.
However, this is not the end of the crypto market, and there are still plenty of opportunities to make money.
Here are a few tips for dealing with the current market conditions:
- Don’t panic
This is the most important thing to remember in times of market volatility.
Don’t sell your coins just because the market is down; if you do, you’ll only be making things worse.
- Don’t buy just because the market is up
Likewise, don’t buy coins just because the market is up.
Wait for a downtrend to start before buying, and make sure you do your research first.
- Hodl
This is a term that was coined in the Bitcoin community, and it stands for “hold on for dear life”.
It means that you should hold onto your coins even when the market is down, and only sell them when the market goes back up.
- Diversify
One of the best ways to protect yourself from market volatility is to diversify your portfolio.
This means investing in different cryptocurrencies, and not just Bitcoin and Ethereum.
- Don’t invest more than you can afford to lose
This is another important rule of thumb to remember.
Cryptocurrencies are still a very risky investment, and you should never invest more money than you can afford to lose.
The crypto market is down today, but that doesn’t mean it’s the end of the world.
There are still plenty of opportunities to make money, so don’t panic and don’t sell your coins just because the market is down.
Instead, hold on for dear life, diversify your portfolio, and don’t invest more than you can afford to lose.