I guess you have seen these pictures of the Malaysian police crushing 1,069 Bitcoin Mining Rigs Using a Steamroller...
You may also have read some articles about Binance who had to cease the trading of stock tokens due to the pressure from regulators around the world.
So you may wonder: what are the good news for cryptos?
There are some good news. Let's have a look:
1) Bitcoin is back at $30k. If you wished you had bought more Bitcoins, maybe it is the right time to make it now... Half the price of a few months ago, that's a good discount, right? Personally, I would not recommend to swap fiat currencies for cryptos currently, but if you have kept some stable coins or joke coins having the same value as months ago, you could swap them for BTC. At the value of today, you will get more BTC than a few months ago...
2) Ethereum is back at $1.8k whereas the EIP 1559 update is pretty close now (planned by August 5th). Although the impact of this update is uncertain, with some miners switching their ETH mining for some other coins like Ravencoin due to the lower profitability expected for ETH mining, it will make the Ethereum network more cost-effective for the DApp users... which in the long term will increase ETH value. Therefore, it might be worth buying ETH now.
3) There are many other cryptos which are currently undervalued. Among them, these ones have a huge potential: Polkadot DOT, Polygon MATIC, Harmony ONE, Cosmos ATOM... and of course Cardano ADA which has just started its Alonzo update. Although the value of these cryptos might continue to decline for a while, their potential is huge. If you have some useless joke coins, it might be time to swap them for these high potential ones.
In summary, although the market is quite bearish and may remain bearish for a while, there are still some good opportunities in the crypto world.
Please do your own research and invest only the money you can lose. As you may know, the crypto market is crazy, and regulators are unpredictable.
