 | Though the market has just experienced downturn of US stocks and the tragic fall that turns China Concept Stocks into “China collapse stocks”, Bitcoin and various other cryptocurrencies, all of a sudden, also landslided last Saturday (4th Dec, EST). According to CoinDesk statistics, Bitcoin fell 20% in less than an hour and bottomed down to 42,000 USD, the lowest point since 30th September. A 30% cut compared to its highest point on 11th November. It’s also worth mentioning that after Bitcoin fell under 50,000 USD, it then shrunk 10,000 USD within the same day. Although Bitcoin has recovered to 49,000 USD, its price is still 16% lower than that of when the market opened last Friday EST. Other cryptocurrencies also dived deep - Ethereum reached $3.5k (17% fall); Dogecoin had 40% fall at most, currently still 10%; Solana more than 9%; ADA more than 8%. What has possibly caused this tragedy? Medias generally believe it’s caused by the prevalence of the new Covid-19 variant, Omicron, who brought anxiety and pessimism to the market. Also concerning hearsay are raging on the global market - Federal Reserve hinted Taper to be closed early, multiple countries in Europe & USA are having an all-time-high inflation and consecutive cases of financial institution supervisions. All of these have more or less led to this digital currency landslide. Other than that, Noelle Acheson, market analyst of digital currency financial institution Genesis Global Trading, claims overwhelming market leverage is also one of the major triggers. For example, the world’s biggest digital currency exchange platform Binance provides so called “Leverage Token (LT)”, it’s different from leverage trading in a way that its users don’t need to pledge anything. While granting them leverage position, user don’t need anything to pledge or worry about forced liquidation.Simply speaking, LT makes 3 USD profit for every 1 USD growth in cryptocurrency market and vice verse for drop. This kind of LT magnifies risks associate with digital currency. In July and August 2021, the largest cryptocurrency exchange, Binance, was forbidden to provide certain cryptocurrency investment product in UK, Italy, Germany, Nether land, Japan and Hong Kong China. In United States, U.S. Treasury Secretary Yellen and Fed Chairman Powell have talked about the ban. Minneapolis Federal Reserve Chairman Kashkari even criticized cryptocurreny on a harsh manner, saying that Bitcoin, the world’s top cryptocurrency, is good for nothing at all and cryptocurrency asssets had connected to frauds and hype only. In 2017, seven departments including the People's Bank of China in conjunction with the Central Cyberspace Administration of China published An announcement on“Preventing the Risk of Token Issuance Financing”, clarifying virtual currency exchange platform and token financing ICO (Initial Coin Offering) are subject to illegal fundraising and therefore illegal financing activities, following up with market rectification. In conclusion, Covid-19 variant, stricter policies being placed by multiple countries plus market leverage exceeding certain threshold altogether intensify the risks and led to Bitcoin bear market Market panic hasn’t been alleviated yet, so what is the most stable way of investment? Crypto enthusiasts all know, coin price is constantly affected market situation, government policies and related news. Also coin price is highly volatile, multiplication or big dive happen from time to time. Under huge volatility, whether people can hold on to their assets becomes a vital point. Especially for people who are doing short-term investment, one wrong move can lead to devastating loss under big fluctuation. When it comes to profit model, buying mining machines and invest directly in crypto are different. When market turns green, crypto itself brings you considerable income while mining profit is a bit less than buying directly; when the market turns red, mining will be a better option, because mining is of lower risks than buying. In summary, bull = buying, bear = mining LuckyHash, as a world’s leading digital & crypto assets investment platform, main provides hashrate leasing services. Users can mining Filecoin without buying pricey mining machine or searching for cheap electricity supply and professional proxy to look after your mining machines. They can also check their mining output at anytime! Another big advantage LuckyHash has is plentiful hashrate supply. After purchasing, users will get stable hashrate 24 hours. Hashrate will be applied to users’ account on the same day of purchase, mining begins tomorrow, output to be received the day after. Even if mining machines are partially down or a power cut happens, other machines or other mining field will reinforce the lacked hashrate. As a result, users will not suffer and loss or delay, this advantage is rarely seen on other cloud mining platforms. LuckyHash has self developed mining layout and is dedicated into providing its users comprehensive mining solutions. It has IDCS data center all over the world including Seoul, Hong Kong, Bangkok, Kuala Lumpur and etc. It also has 200P hashrate deployment in Korea. LuckyHash has gradually become the first choice for the masses. Many have made their first crypto revenue on LuckyHash, what are you waiting? Register and participate in mining investment now! [link] [comments] |
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments