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Home » How to Stay Sane During a Crypto Crash
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How to Stay Sane During a Crypto Crash

Abdulmujeeb OwolabiBy Abdulmujeeb OwolabiUpdated:January 11, 2022No Comments5 Mins Read
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How to Stay Sane During a Crypto Crash
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Bitcoin and other cryptocurrencies have been having a rough few weeks, but things are getting better. BitCoin has lost more than 18% over the past month. There was a high point in the total crypto market cap on Nov. 10, and it has been going down ever since. CoinGecko’s total crypto market cap table shows that. Also, some NFTs’ floor prices have shown signs of weakness.

For a lot of people who aren’t very familiar with crypto, this might be a new thing. Coinbase has seen a lot of growth over the last two years. In the second quarter of 2020, Coinbase had 37 million verified users. In the second quarter of 2021, Coinbase had 68 million verified users, then 73 million in the third quarter of that year.

That means there are likely a lot of people who own crypto who have never been through a real crypto bear market, let alone a long “crypto winter.” We don’t know for sure if we’re going to do either of those things, but both of them could happen, and for new people, it’s worth preparing for that.

There is a lot to think about before we start. The drop in the price of Bitcoin toward $40,000 doesn’t sound like the end of the world to people who have been in the space for a long time. At that price for the very first time in January of 2021. For a short time in July, it fell well below the $40,000 mark, briefly dropping below $30,000. Read also: How to Invest in the Metaverse On a longer time scale, BTC’s current 38 percent drop from a November peak doesn’t even make the list of the token’s biggest crashes. In 2018, BTC lost 84 percent in just a few weeks.

In a nutshell, those who bought at the height of the hype are probably feeling the pain right now. But a lot of other people who bought at good entry points are still making money. The most important thing to remember about investing in crypto is that because these assets are so easy to buy and sell, they can swing in value very quickly, which can make them very fragile at the top. Even if you’re not investing in stocks, Warren Buffett’s advice still holds true: Be afraid when others are greedy, and be greedy when others are afraid.

The last time there was a big drop was back in July, when the drawdown was more than 50%. The price rebounded quickly from that drop, thanks in part to other big changes, like when El Salvador started using it and Twitter started using it. Something similar could change the direction of the current trend, even though the bigger picture points in the wrong direction. As a whole, the U.S. Federal Reserve’s plan to cut back on the money supply this year will hurt Bitcoin’s specific “inflation hedge” proposition, as well as hurt startup funding and other speculative investments in general.

But one thing that seems to be going to stay the same is the way cryptocurrency adoption, interest, and markets go up and down. That has been the case for most of the last decade. People who want to bet on the value of crypto currencies come in huge numbers during each boom. Many of them have only a vague understanding of the technology and why it’s important, though. Read more; CRYPTOCURRENCY PREDICTION FOR 2022

Many of these newcomers get hurt when they try to get into the top of a group because they are afraid of missing out. When they buy a token that the founders say is “the next Bitcoin,” they often think they’re getting a good deal. The token turns out to be a cheap sham or a bad idea. There has been a lot of “decoupling” between crypto-assets in the current cycle. There has been a huge difference between good bots and bad ones.

As a lot of newbies are getting burned right now, some people take their ball and go home angry. This is not a good idea. But a lot of them stay around, learn from their mistakes, and end up even more involved and committed than they were at the start. As a result, they form a bigger group of users and advocates the next time price action gets a lot of attention from the public. This cycle can’t go on forever. Eventually, Bitcoin will have a more stable “correct” price. Perhaps $50,000 has already been spent. I don’t think so.

New ideas, integration, and adoption (especially by countries) are likely to keep going even if the price of something changes. Whether it happens in three months or three years, there will be a strong foundation for the next wave of excitement and growth, whether that happens now or in three months or three years. Both of these things could happen right now. Position your portfolio – and your expectations – in the right way.

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Abdulmujeeb Owolabi
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Abdulmujeeb Owolabi writes SEO articles for businesses that want to see their Google search rankings surge. With his 5 years of SEO expertise in writing tech, crypto, and finance blogs, you can reach him on Owolabi@techloaded247.com His articles focused on balancing information with SEO needs–but never at the expense of providing an entertaining read.

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