Dec 14, 2018 Forex News
On the Medium platform, Bitcoin developer Jimmy Song published a post titled “Tips: How to Survive a Bear Market.” He reviewed the negative and positive aspects of the falling Bitcoin market, and also gave advice.
“The fall of the Bitcoin market has been going on almost a year, and the bear phase is not the most comfortable time for most Bitcoin enthusiasts. To hold an asset in such a period is one of the most difficult decisions”.
Jimmy Song notes that as the market falls, more and more people are beginning to lose faith in technology or are completely disappointed in it since the reality doesn’t meet their expectations of an endless growth rate. Only a few realize that Bitcoin, like any other asset, can’t grow forever, and a decline of 80% or more is an inevitable stage of development of cryptocurrency.
Song identified 3 main negative aspects of the bear market. The first is the financial burden and stress that an investor is experiencing, looking at how his deposit melts.
Secondly, during the fall of the market, a strong public pressure is put on the holder of the asset, because every second friend or relative repeats like the mantra “I told you”, forgetting that during the previous rally he considered you a genius.
Thirdly, the bear market doesn’t generate any financial opportunities, due to the absence of an unlimited number of growing start-ups and projects.
However, Song also identified the positive side of the bear market. Firstly, it clears the market of non-professional investors and projects.
Secondly, according to Song, the falling market leaves only what is really important for the community and the ecosystem.
Thirdly, the bear market "teaches us to work." Song notes that in the period of the bull market, participants get money quite simply, and the work does not require full returns.
In conclusion, Song emphasizes the importance of major corrections for cryptoeconomics. The bear market contributes to the redistribution of resources and “brains”, however, only the crypto users with the most endurance and analytical skills can use the fruits of this period.
Despite the short-term effect of rumors that Amazon was going to accept Bitcoin this year and the subsequent pullback, the BTC/USD pair was able to find support in the area of $36500 and start a new rally. As a result, today the BTC/USD pair was able to rise
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Dear clients, Please note that due to Independence Day celebrated in the USA on 4 July 2022 you may experience the following changes: Monday, July 4rdMetal CFDs: trading closes at 21:30. Indices CFDs: Europe 50 (#ESX50): trading closes at 23:00; France 40 (#FCHI): trading closes at 23:00;
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