Should you stay away from cryptocurrency or dive in?
Should you buy Bitcoin while the price is low or take a chance on altcoins?
Experts have predicted that 2022 will be about altcoins that are in particular areas of the crypto space.
***Metaverse…Decentraland & High Street
***Decentralized finance (DeFi)…Algorand & Radix
***Decentralized applications (dApps)…LiquidApps & PlayDapp
Bitcoin has lost almost half its value since its November high, with cryptocurrency prices continuing to plunge as major economies look to curb their growing popularity. And it’s not just Bitcoin, as cryptocurrencies in general have had a dismal start to the year. Bitcoin has fallen over 8% in the last 24 hours, and was trading at $35,479 as of 9:30 am ET, according to CoinDesk. The world’s most valuable cryptocurrency has plummeted over 20% since the beginning of the year. In November it was trading at a record high of $68,990. Its peers have fared worse. Ethereum, the world’s second most valuable cryptocurrency, has fallen more than 12% in the last 24 hour, and was trading at around $2,400 as of mid-morning Saturday, according to CoinDesk. That’s an almost 30% drop since the start of the new year.
Investors are getting jittery about digital currencies and other riskier assets ever since the US Federal Reserve signaled it may unwind economic stimulus more aggressively than expected.
Twitter is rolling out verified NFT profile pictures. Governments are cracking down as well. On Thursday, Reuters reported that Russia’s central bank has proposed a ban on crypto use and mining. Russia is one of the biggest crypto-mining nations in the world, but its central bank said that digital currencies can pose a threat to the country’s financial stability. The Russian proposal comes just a few months after China launched a full-scale clampdown on cryptocurrency, banning both trading and mining.
Other countries are also flirting with a ban on crypto. In November, India said it was preparing to introduce a bill that would regulate digital currencies, although much is still unknown about that proposal. Earlier this week, India’s prime minister Narendra Modi said that global cooperation is needed to tackle problems posed by cryptocurrencies.
However, not everyone is pessimistic. Goldman Sachs said that the price of bitcoin could reach more than $100,000 within the next five years. In a report published earlier this month, the bank’s analysts said they saw strong gains ahead because bitcoin would increasingly steal market share from gold.
Bitcoin is extremely volatile. If you are determined to invest, there are many programs that can help you understand and minimize the risks. Here are two you can check out.
**Crypto Ultimatum: Training system that details how to make money with automated
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**Piece A Cake: DeFi Crypto for everyone. “Watch Us Earn Crypto Within SECONDS, Right
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