Investment in cryptocurrency is very common these days. But there is no doubt that people are worried about scams as well. Right now, there are a lot of scams going around due to which people feel worried about investing in them.
This week saw a sharp drop in the price of cryptocurrency. This fall comes after a year of gains and record highs, following changes in many factors like the increase in market cap and initial coin offerings. Cryptocurrency investors are now selling off their digital assets after the market plunged yet again. This has led to many people losing money and can put a strain on relationships with investors. On Friday, one major stock market index had a decline in value; the only question to ask is whether this market cap was significant.
Bitcoin was down 2.66% in the last 24 hours, trading at $46,566.02 per unit until the last update. Ethereum has been experiencing more frequent drops in value. This recent dip has brought its price down by 1.66% over the last day, and it is currently trading at $3,894.88 per unit.
Why is the crypto market down today?
It’s important that you invest wisely. Many people panicked and dumped coins after the Chinese government announced their cryptocurrency rules, but it’s not the time for concern. Crypto is still here and China is still a threat to Bitcoin. The Chinese authorities initiated a crackdown on the cryptocurrency industry, which marked the beginning of the downward spiral of crypto values. However, they did not regulate banks and still allowed them to carry out crypto fund transfers.
Some governments around the world have proposed banning cryptocurrencies, and this could create a state of panic among investors.
The Indian government announced that it will ban cryptocurrencies but will be releasing a bill on official digital currency in the future. This decision has also affected many individuals since regulations and markets are notoriously volatile.
Finance Minister Nirmala Sitaraman clarified the confusion caused by her earlier statement, which suggested that the government could consider cryptocurrency as a currency. It is understood that there are no plans to support or endorse it.
Well, if you are someone who is having the same thought and is looking forward to making an investment in cryptocurrency, you are on the right page. According to the latest research and news going on here, we are sharing the best possible methods that will help you save yourself from this easily.
According to a recent news article, there is a new hope in people that they can make an investment in cryptocurrency easily. But for the same reason, it is important to do the research. Make sure to start your crypto project through the official website only. For example, if you are looking forward to investing in Bitcoin, do know about all the risks and processes associated with it so that you can easily make up your mind whether you are ready to invest in it or not. Some new currencies have also been introduced in the market, like ET10. Don’t trust them immediately.
Don’t go to improper websites:
Multiple applications are now available to assist you in making the investment, thanks to advances in technology.But sometimes we don’t pay attention to security. To save yourself from scams, always check whether the website you are choosing is proper or not. If the website you have chosen appears to be a fraud, don’t go for the investment at all. There are multiple applications available like Wazirx, Binance, and coinswitch Kuber which you can consider for investment.
Check out the ups and downs of the market regularly:
When you are moving ahead to make an investment, it is important to check out the ups and downs of the market. Some cryptocurrencies are there that get hiked by some percentages, while others face a downfall. It is important for you to know about it and every factor before making an investment.
Protect the wallet with safety:
When you are purchasing a cryptocurrency, a wallet will be created online that you need to protect. Some security barriers are also available that you can consider. Make certain that your application does not receive access from any other third-party application, as this can cause problems and difficulties.
The most recent increase in the cryptocurrency market:
If we check out the hike in the crypto market then from the previous few days, the hike is not that much as expected by the users. Earlier, if we specifically discuss Bitcoin, it reached 56 lakh INR and right now it is at 37.64 lakh INR. This is happening due to the news circulated about cryptocurrency prices across the globe. Recently, India announced a ban on cryptocurrency, due to which most of the people who withdraw their money and cryptocurrency face a lot of difficulties. But fortunately, some other challenges come into consideration due to which the market also gets maintained.
How to choose a cryptocurrency to invest in?
If you are confused about how you can choose a cryptocurrency to invest in, then the same can be done by reading the charge. Whichever application you consider using to make the investment has charts for the cryptocurrency in which you want to invest.For example, if you checkout Shiba Inu, then you will see it was very low when launched on the market and right now it is doing great. Likewise, some other cryptocurrencies are there that were launched at very good prices, but right now are not doing very well.
Factors Contributing to Crypto Market Crash
The Indian cryptocurrency market has been experiencing sharp falls since last month. One factor that has an impact on the global stock market, as well as the cryptocurrency market, is the over-the-counter crypto exchanges in the country.
A new variant of the coronavirus, called Omnicron, recently arrived, with investors selling their coins. There are also other reasons for the value drop, such as holidays and year-end.