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Crypto Market Crash! Here's what the experts say

 



Cryptocurrency markets have tanked. All major top coins are turning red and the global market cap is down 7.30 percent and is now down to $1.67 trillion.


Top crypto tokens such as Bitcoin, Ethereum, Cardano and Solana also felt victims of the crash, according to data from CoinMarketCap at 14:00 IST. After falling by 8.20 percent in the last 24 hours, bitcoin broke its support level and is now trading at $36,285.07.


Ethereum fell nearly 7 percent. Solana and Cardano each lost more than 10 and 11 percent, respectively.

Memecoins such as Dogecoin and Shiba Inu also felt hits. Elon Musk's favorite crypto token, Dogecoin, fell more than 5 percent and the Shiba Inu fell more than 6 percent in the past 24 hours.


In such a situation, the question arises that what should investors do now? Should they also sell their stake or should they HODL amid negative sentiments in the markets?


Expert opinion


Sharath Chandra, crypto expert and vice president, research and strategy at Earthhid, told Business Today that this drop in prices should be taken as a buying opportunity. He added, “Technical indicators are indicating that the bitcoin price will move around $30,000 to $32,000. The Luna Foundation Guard is making the best use of the decline in bitcoin price and close in bitcoin to increase reserves for the Terra stablecoin. Has deposited $1.5 billion. Removing Tesla to become the number one holder of bitcoin."

Chandra further explained how stablecoins have stacked up where bitcoin and altcoins started falling. “Stablecoins have performed relatively better than altcoins. Given the volatility in the market, investors may consider expanding their portfolios into stablecoins,” he added.


Vikram Subburaj, CEO of Giotas crypto exchange, told Business Today, “The crypto market will remain volatile unless investors, who are currently risk-averse, switch to risk-on mode. The bounce in the dollar index DXY will have to be reversed before there are signs of a revival in the U.S. Bitcoin and other crypto-assets could potentially drop by 20 percent or more from current levels, before investor funds can flow into the asset again.

He further advised investors an approach to best profit from this dip. He added, “It would be better for investors to pile up cash and wait for signs of a reversal before allocating new capital to crypto. Patience will be critical to allow the existing portfolio to consolidate and grow. Let's look forward to a strong Q4 2022."


Satwik Viswanath, co-founder and CEO of Unocoin crypto exchange, said that the current signals are only worrying for short-term investors and long-term investors need to worry about market volatility. “There has been a lot of volatility in the market for a few days now. While this generally does not matter for medium or long term holders, short term holders should be cautious about their actions during these testing times.”



Chandra further explained how stablecoins have stacked up where bitcoin and altcoins started falling. “Stablecoins have performed relatively better than altcoins. Given the volatility in the market, investors may consider expanding their portfolios into stablecoins,” he added.


Vikram Subburaj, CEO of Giotas crypto exchange, told Business Today, “The crypto market will remain volatile unless investors, who are currently risk-averse, switch to risk-on mode. The bounce in the dollar index DXY will have to be reversed before there are signs of a revival in the U.S. Bitcoin and other crypto-assets could potentially drop by 20 percent or more from current levels, before investor funds can flow into the asset again.


He further advised investors an approach to best profit from this dip. He added, “It would be better for investors to pile up cash and wait for signs of a reversal before allocating new capital to crypto. Patience will be critical to allow the existing portfolio to consolidate and grow. Let's look forward to a strong Q4 2022."

Satwik Viswanath, co-founder and CEO of Unocoin crypto exchange, said that the current signals are only worrying for short-term investors and long-term investors need to worry about market volatility. “There has been a lot of volatility in the market for a few days now. While this generally does not matter for medium or long term holders, short term holders should be cautious about their actions during these testing times.”


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