In a Bear Market, Hold Onto Your Coins & Try to Earn More Cryptos
21 Junio 2022 - 3:00AM
NEWSBTC
Hit by the collapse of Luna and UST, as well as another round of
interest rate hikes and balance sheet shrinking by the Fed,
cryptocurrencies suffered a market-wide plunge in May 2022, and the
market has not significantly rebounded so far. In addition,
compared with their historical highs, the prices of Bitcoin and
Ethereum have fallen by more than 50%. Meanwhile, other altcoins
have suffered bigger falls. The entire crypto market is still going
through a bearish period. That being said, will Bitcoin and
Ethereum go to zero? The answer is a hard no. As the blockchain
technology advances and becomes more widely adopted, a growing
number of users have joined the crypto space, and the market cap of
Bitcoin has even once exceeded that of Meta (formerly Facebook).
Meanwhile, some conventional institutional investors are venturing
into the crypto market, and Bitcoin appears on the balance sheet of
an increasing number of listed companies. More and more
institutions are paying close attention to the function of Bitcoin
and Ethereum as hedging tools, and some countries have even adopted
Bitcoin as their legal tender. According to the general trend, a
growing number of individual users, companies, and governments will
adopt Bitcoin. Moreover, during the past decade, Bitcoin has
witnessed all sorts of attacks and smears. It has even been banned
by some state regulators. Despite all that, Bitcoin has survived
with great tenacity, which is sufficient proof of its ability to
withstand tests and challenges. Additionally, more investors are
starting to notice the value of Bitcoin. As crypto categories such
as DeFi, NFT, and the metaverse boom over recent years, the crypto
market has been driven to a whole new level. In today’s market,
people can profit not only from direct investments but also from a
growing number of crypto-based financial services. As the relevant
products mature, more investors are flocking to crypto finance.
Therefore, we can draw two basic conclusions: 1) The crypto market
will not diminish. On the contrary, an increasing number of global
users will adopt cryptos, and the user base of cryptocurrency will
keep expanding; 2) The overall price trend of Bitcoin will remain
flat. In other words, the price fluctuations will not be as
significant as its previous records, which is to say that the BTC
price would not go down by much. As such, you do not need to panic
if you are holding mainstream cryptos because they are likely to
become more valuable according to past market cycles. In our view,
the best strategy in a bear market is to hold onto your cryptos and
do nothing. Meanwhile, we also advise you to seek to expand the
cash flow to ensure the source of income and buy more crypto at low
prices. Although some say the best bear strategy is to hoard
cryptos, a better approach is to earn more cryptos with one’s
existing holding, which resembles earning interests on bank
deposits. Right now, many crypto exchanges have launched products
focusing on crypto finance, and we can choose a suitable product
according to our own needs. What are the indicators to consider
when we choose a crypto finance product? Security is the No.1
priority. In the crypto market, the significance of security cannot
be overstated, and leaving deposits in an unsafe environment for
small profits frequently results in huge losses. For example, some
exchanges run by scammers use high returns as the bait to trick
users into making crypto deposits. Users are tempted by the
financial product’s promise of high returns, yet the scammers are
targeting their deposits. In the crypto space, a lot of users have
suffered enormous losses when trying to earn small profits. That is
why we must choose a safe exchange. As we all know, many crypto
exchanges have suffered security breaches, and even some of the top
exchanges have lost huge amounts of Bitcoin, incurring losses in
user assets. CoinEx, on the other hand, is one of the few exchanges
that have never been hacked. Haipo Yang, the founder of CoinEx,
once said that safety is always the most essential promise of
CoinEx as well as its core advantage. As CoinEx always puts users
first, the products it developed have kept users’ assets safe and
secure, earning the exchange extensive user recognition. When
foraying into crypto finance, we can go with CoinEx, a
zero-accident exchange. With Financial Account, a product
introduced by CoinEx that provides interests for deposit holders,
users can receive daily returns simply by depositing their idle
assets into the Account, with compound interests settled on a daily
basis. In addition, such compound interests come from 70% of the
revenue generated by crypto loans in margin trading, which is a
stable and reliable source. Although the financial services
provided by some exchanges offer high returns, there are often many
strings attached. For example, many of these services require a
minimum deposit period of 30 days, 60 days, or even longer. In
contrast, CoinEx’s Financial Account does not require any minimum
deposit period, and users can deposit/withdraw cryptos at any
moment. What are the advantages of on-demand deposits/withdrawals?
Cryptos are subject to significant price volatility, and a
cryptocurrency can sometimes plunge by over 20% within a week. If
we choose a crypto finance product with a minimum deposit period
(e.g. 7 days), then once the price plummets, we will find it hard
to withdraw our deposits or sell the cryptos to minimize losses.
Considering the huge risks involved, the small profits generated by
such financial products are apparently not worth it. With CoinEx’s
Financial Account, users can deposit/withdraw cryptos anytime
they’d like to, which means that they could swiftly withdraw their
deposit in the event of significant market volatility while earning
profits. Apart from that, Financial Account features no minimum
deposit amount, and users can choose to deposit whatever they want.
A crypto bear is nothing to be afraid of because it allows us to
hoard cheap bargain chips. As such, when a bear comes, we should
continue to expand our cash flow. While stocking up on more cryptos
with rational strategies, investors also need to deposit their
holdings to secure exchanges for financial management and wait for
the next crypto bull.
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