Investors who started their recent journey in investing crypto and people who took part during the bull run got massive amounts of losses after the fall of bull run.
One and only the iron man of the 21st century, Elon Musk, started an amazing bull run for bitcoin but eventually everything that goes up comes down and sometimes people who start it become a reason for their end.
Let’s list out all the reasons.
1.Tesla stopped taking bitcoin and news of tesla selling their bitcoin holdings.
Well as we all know elon musk and his great electric car company tesla started to take bitcoin as a form of payment earlier this year but just few days back tesla tweeted that they will no longer take bitcoin as a form of payment because of how it’s not good for our environment showing concern for the massive carbon footprint because of mining of bitcoin in china and other countries.
While many people thought that Tesla would sell their bitcoin holding but it never happened. Tesla CEO told Tesla and Elon Musk himself not going to sell their bitcoin holding but the damage was already done, hence crypto market crashed badly after news got out.
2.China banning crypto mining and not forbidding banks to take money in forms of crypto.
Well as usual whenever the crypto market rises and follows a bull run many institutions come and manipulate it for their profit.
Many financial investigators and people are speculating that China banning bitcoin mining was a part of a plan for manipulating the crypto market because this is becoming a very common practice done by China for manipulating the market.
Well till now no one knows will this ban ever get over or is it permanent but past experiences tells that this may get end and bitcoin can rise again maybe another big bull run is going to arrive.
This is not a financial advise investing in crypto is highly risky as it is a very volatile market and a still faces many manipulation and illegal activities do invest keeping all this in mind.
3.RBI recent news of regulating the crypto market in India.
Well many companies, crypto wallets and institutions want to bring crypto in India even after knowing that there are still very few regulations and laws for it , as everyone knows it’s the biggest market in terms of investment companies and wallets don’t want to leave this opportunity.
But because of less regulations and clearity for this space currently many wallets are suffering .
Banks and institutions stopped taking payments and provided no support for indian crypto exchanges thinking that RBI can ban crypto which led to many transactions stuck and never reflected in wallets of Wazir X , Coin DCX and many other trading platforms.
Well, the RBI put out a notice in which they said that as per the orders of supreme court crypto transactions are legal till they are not used for money laundering and other illegal actions. KYC and other processes of proof is necessary.
4.Blockify users got more then 700 bitcoins because of technical issues.
Well everyone who still doesn’t know about blockify , well blockify is a site in which you can earn interest upto 8.5 percent on holding your bitcoin and other crypto currencies on their wallet or money lending platform.
While rolling out interest of their users due to some error in the software or code the amount of interest that should be given in dollars was given in bitcoins which led to many people getting 700 bitcoins in their account.
Although blockify said that they got 90 percent of bitcoin transfers reversed by the people as they cannot reverse the transactions by themselves, 10 percent of people who refused to reverse sold their bitcoins .
Ceo of Blockify said millions of dollars is obviously tempting but they will take legal actions on people who used this opportunity and made their way out of it as they have agreed their terms and conditions which covered all this.
What You Should Do Now ? Perspective of an average investor.
Well all these bad news lead to so much fear in small investors and started the bear market or short selling.
Well with all this news what should an average investor do ? Well its all depends on how you perceive all these events if you think that all these things happening recently will lead to end of crypto then you should get whatever you are getting and book your profits out.
But many people and institutions believe that this is just a start of the next big bull run well there is no way to tell anything what will happen as it is a very volatile market space but seeing past events it looks like crypto still has lot of potential left in it.
Want To Earn With Crypto?
So if you believe in long term goals of crypto and want to stay invested because of how you believe its impacts on future then just going with news. Maybe its the right decision.
Its not a financial advise but certainly many big institutions and people feel that there is so much potential left in crypto hence they are holding and me too.
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Team Vogue Art India Financial Department.