Seeing the recent trends in the crypto currency market one can expect a downfall incoming quite soon. All the currencies currently are on a decline, especially Bitcoin, as its price was more than 60k USD 10 days ago which has come below 50k USD.
The premium groups formed on social media sites which provide ‘Signals’ to their subscribers about when to invest in crypto market are discouraging their users to invest in the market right now. When the prices are at their lowest, they’ll buy the shares using the technique of Pump and Dump, meaning that big giants along with their communities will buy the cryptocurrencies so rapidly which will cause the prices to hike and after some period of time all of them will sell their shares at a big profit leaving the people with no communities to collect a big loss.
On the other hand, the ALGO currency is starting to catch up price, in the past 24 hours it has gained 4.7% increase in its price, maybe an influence by the Big Giants?
Here is declining price graph of Bitcoin from the past week :
Followed by XRP, Cardano, DodgeCoin and PolkaDot :
These results have costed traders 10.1 billion dollars since April 17 to date, and 90 percent funds were liquidated due to high bullish bets on bitcoin. Moreover the governments who want to maintain the flow of cash in their own hands might impose ban on crypto and the organizations who allow the trade of crypto, as reported by the media.
However it is still beneficial and a big opportunity for the people to buy cryptocurrency and gain big profits when their prices go up.
As there is a calm before the Storm, So Will you be taking the risk of either, waiting for prices to go more down or you'll buy crypto right now? Do share your feedback