The bitcoin market has lately been bearish; however, Binance CEO’s statement might offer the worried investors a fresh lease of hope. In an interview, Changpeng stated that the bear market would prove healthy for the cryptocurrency in the long run. Currently, the crypto community underwent a topsy turvy situation as several evolutionary updates took place; Ethereum merge is one such remarkable event.
Bitcoin market and the crypto winter
As the crypto winter makes a swift entry, the investors remain in a whirlwind of uncertainties. While the bearish market is worrisome for people, Binance’s CEO takes a different stance by treating the crypto winter as positive. He urged people not to make an investment decision based on token prices and instead to closely analyse the total number of emerging blockchain or crypto projects investors are buying.
The optimistic CEO further asked crypto investors to see the bitcoin bear market opportunistically and try reaping benefits from the situation. Changpeng strongly believes that despite occasional plunges, bitcoin will grow because of its reputation as the best crypto. The situation will turn profitable to investors if they can survive the crypto winter bravely.
Survive the crypto winter with these tips
Crypto winter is here! So what are your survival strategies? Oops, no any yet! No worries, we have jotted down some quick tips for you; check them out to survive the bearish bitcoin market.
- Stop taming the herd mentality
With the growing prominence of cryptocurrency, many online platforms seem to spread like cobwebs; they continuously post about investment strategies and advice. If you rely on such platforms to make an investment decision, especially during a bearish market, get ready to lose. It’s better to consider your risk tolerance when buying or selling bitcoin during bearish waves.
- Stake an amount you can afford to lose
Treating crypto like gambling is another habit that can make survival in crypto winter terrible. One can survive the plunging bitcoin market by staking an amount you can lose to afford, so be careful how much you invest. The market is highly volatile, which requires one to take diligent decisions.
- Try buying the dip
As in the words of Changpeng, we should opportunistically treat crypto winters and try reaping maximum benefits. See, volatility has a positive and negative side. If we look at the positive side, the dipping crypto will, at some point in time, rise in price, which will help one earn higher profits, so try buying the dip. You can be in a ‘win-win’ situation.
We really hope you all cope with the bearish market effectively and opportunistically. Safe investment decisions serve as the principle factor when buying or selling bitcoin or any other crypto.
Good luck with crypto winters!