Crypto Crash & Bitconnect Shut Down | Is This The End? (The Crash Explained)
The world of cryptocurrency has been shaken by the recent crash and the shutdown of Bitconnect, a popular lending platform. Many investors are left wondering if this is the end for cryptocurrencies, or if there is still hope for a rebound.
The Crypto Crash:
The crash in cryptocurrency prices has been a long time coming, with many experts predicting it for months. Bitcoin, the most well-known cryptocurrency, has dropped over 50% from its all-time high. This crash has affected not only Bitcoin, but also many other cryptocurrencies, with some losing over 90% of their value.
Bitconnect Shut Down:
The shutdown of Bitconnect has added fuel to the fire, as it was a popular platform for lending and trading cryptocurrencies. The company was accused of running a Ponzi scheme, where investors were paid out using the money of new investors. This led to the closure of the platform, and many investors losing their money.
Is This The End:
Many are now questioning if this is the end of cryptocurrencies. While the crash has been severe, it is important to remember that cryptocurrencies are still a new and evolving technology. There is still potential for growth and adoption in the future.
The Crash Explained:
The crash in cryptocurrency prices can be attributed to a number of factors. One of the main reasons is the crackdown by governments and financial institutions on cryptocurrencies, which has led to decreased demand. Additionally, the hype around cryptocurrencies has died down, leading to decreased interest from investors.
The recent crypto crash and the shutdown of Bitconnect have left many investors feeling uncertain about the future of cryptocurrencies. While the crash has been severe, it is important to remember that cryptocurrencies are still in their infancy, and there is potential for growth and adoption in the future. As with any investment, it is important to do your own research and make informed decisions.
In this video, the speaker discusses the recent drop in cryptocurrency prices, specifically Bitcoin. He notes that many coins have been losing value, with some dropping by as much as 30%. He mentions the shutdown of Bitconnect, in which he lost about $3,000. He advises people to only invest money that they can afford to lose.
The speaker explores some of the reasons why this drop may have occurred. He mentions the speculation that South Korea, China, and Russia may be implementing regulations or bans on cryptocurrencies. However, he also notes a trend that has occurred every year around this time: a sharp dip in prices, followed by a rebound after the Chinese New Year. He suggests that this trend may be due to people selling their cryptocurrencies to buy presents for the Lunar New Year.
The speaker offers investment advice, quoting Warren Buffett's famous advice to be fearful when others are greedy and be greedy when others are fearful. He suggests that now may be a good time to buy, as prices are low, and may rebound after the Chinese New Year. He cautions, however, that he is not a financial adviser and that people should only invest what they can afford to lose.
Overall, the speaker offers a thoughtful analysis of the recent cryptocurrency drop and offers some useful investment advice for those interested in buying in at the current low prices.
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