Crypto market is stumbling because of back to back attacks from Elon and now China
(banning news might be FUD) But I believe the crypto and crypto space always managed to get over this type of mess. So whatever u have just keep HODLING!!
What is crypto?
Cryptocurrency is a digital asset, or a virtual currency which is famous all around the world. The cryptocurrency is more like money kept safe in the account of your electronic device. This money can be transferred to normal money at any time. Earnx crypto is becoming extremely popular, and everyone wants to invest their money in crypto to earn maximum profit and reach a good level.
The cryptocurrency works on a decentralized and blockchain method. The cryptocurrency is more like investing in the shares and waiting for the interest rate to increase and then withdraw your currency to get it as normal money.
What is FUD?
An extreme amount of FUD has been spread throughout the market. If you don't know, FUD stands for Fear, Uncertainty, and Doubt.
Elon Musk has been the perpetrator this time around. By just posting a few tweets on Twitter, stating that he was worried about the amount of energy that Bitcoin uses, and that Tesla would stop accepting bitcoin as payments until the situation has found a solution. Just a few tweets from him sent the market into the frenzy. With bitcoin dropping at least 15%, and other coins dropping even further. This also led people to be quite concerned about the cryptocurrency market in general. If one person has the power to "control" the market in such an extreme market, is that a market that you can, or should trust?
Unfortunately, a lot of people don't have the same conviction and when they see these influencers spreading FUD. This makes them feel quite scared and then sell in mass. This is what causes the price to drop. There is a famous thought that often circulates during these times of panic.
How about you?
Did this recent FUD make you concerned and cause you to sell?
How do you go about doing your own research for crypto investments?
Do let me know..