Hi Everyone, its your Top10 Ranker here with the latest from the web.I know many among you are stressed over the Bitcoin decline.Indeed,it is a very horrible time for the Bitcoin investors.Bitcoin has fallen below $6000 to its lowest since mid-November.Over $60 billion was wiped off the value of the entire cryptocurrency market in 24 hours.
The latest sell-off follows reports in the last week that have raised worries about increased regulation, hackers and potential price manipulation at a major cryptocurrency exchange. On Friday, J.P. Morgan Chase, Bank of America and Citigroup also said they have decided to ban cryptocurrency purchases by their credit card customers.
Well,forgive me for being the bearer of another bad news but just Yesterday, the stock market had one of its worst days since the 2008 market crash.
It was one of the worst days for US stocks in more than six years and the technology failures stopped investors placing orders.
The Dow Jones plunged nearly 1,600 points yesterday afternoon before recovering slightly ahead of the close of a chaotic trading day which saw the index haemorrhage more than 4.5 per cent of its value in the biggest drop since the 2008 financial crisis.
While Bitcoin, which fell as much as 23% on Monday, the stock market fared even worse: The Dow stocks alone lost more than $300 billion.
In one particularly example, Google parent company Alphabet googl (which is not in the Dow), lost $40 billion of its market cap for the second trading day in a row—meaning Alphabet stock investors have lost more than $80 billion since Friday.
Some Advice For all my Readers: I know its a desperate time if you are one of those who have invested your hard earned cash in cryptocurrency.But right now, you are not the only ones who suffered.Traders from different platforms including Ameritrade,Vanguard,etc suffered losses after the market crash.
I,who you all know as Top 10 Ranker, Ch Sanaullah suffered alot in the forex market too.Not once but many times and all I can advise you to do is NOT TO PANIC.
Completely winding off your whole investment would not be a good idea right now.Instead,DIVERSIFY.Think about adding commodities to your portfolio as inflation risk rises.Also don't forget to invest in Treasury debt which is considered a safe heaven in times of trouble.Reduce your exposure to Corporate bonds as much as you can and BE AS MUCH AWARE AS YOU CAN NOT JUST ABOUT BITCOINS BUT STOCK MARKET,FOREX AND JUST ABOUT EVERY SECTOR.
Let me know what do you think about my Advices and the overall Stock Market situation.Hope to see ya around 🙂
Credit: Getty , Express UK and @top10ranke
Guys Please do Let me know by commenting here if you got some ideas for our fellow steemians who have invested in bitcoins on how to deal with this current situation....
In any market, we need to buy the dips. In the stock market this was the case. For crypto as well. If you believe in crypto, this is the time to buy.
Yup...best time to invest in crypto EXCEPT BITCOINS. Cryptocurrency was initially introduced as a more convenient and cost effective way of making payments,NOT FOR SPECULATING OR GAMBLING WITH IT WHICH IS THE CASE WITH BITCOIN.