Cryptocurrencies are going through a tough period in the past few months. The International Monetary Fund and Google announced some bad news for coins, which also made prices fall down. Currently, both Google and Facebook don’t support cryptocurrency advertisement, which makes a dramatic impact on the online marketing strategy.
What should you do with your cryptos when the hard times come?
This year, Bitcoin has dropped 30% in price. The main question is, what happens next? Should you buy more coins, hold them in your wallet or get rid of them before it’s too late?
The current market situation might look frightening, especially when if you are a beginner. It is obvious that when the price of an asset falls, a lot of members hurry up to sell their assets because they are afraid to lose even more. However, if you don’t experience an urge need for money right now, it is much better to hold your coins and wait for a while until the market recovers.
As the price for BTC keeps falling down and most coin owners start selling them instead of holding, more and more attractive offers appear on the market. Selling coins when they have low prices is absolutely not profitable, but people do so because they feel nervous. Most traders say that the times of price collapse are great for buying, so this might be a chance to get more coins and wait for a while until the market situation becomes stable again. If you decided to take a chance once and invested your money in cryptocurrency, realizing that this is a risky decision, then you must be aware that market shifts cannot be avoided and are absolutely natural.
Indeed, if you are an experienced investor, you must remember that your financial decisions should be based on more factors: price reduction is not only a signal to hold and buy. BTC is similar to other investments and it has amazing periods of rising as well as times of collapse. There is no sense in thinking that your investments in cryptocurrency or any other source of possible income will always bring you money. That’s a trap that leads to mistakes and wrong decisions.
Bitcoin is not the only side responsible for its price. People, who invest in it, have a decisive influence upon the market, so selling them can only make the situation worse. Besides, you won’t get any profit when giving your coins away for such a low price. Instead, you have all chances to earn more in the future if you buy even more today and hold them until the situation recovers. Remember, that recovery is more likely to come after a recession and this is how the economy works.
So don’t make snap decisions and remember that hasty climbers have sudden falls.