An investor just waiting for the price of Bitcoin, Ether to drop to buy declared: ‘Weak heart should not play cryptocurrencies’

Tram Ho

When Brijann Bettencourt got out of bed last Wednesday morning, checked his crypto portfolio and saw an unprecedented sell-off, he knew exactly what he needed to do right now: Buy more.

“Cryptocurrency investing is not for the faint of heart. I consider it a serious long-term investment,” said Bettencourt, 32, a Toronto-based photographer. He currently owns Bitcoin and Ether for the past 1.5 years.

This past week, the price of cryptocurrencies has been severely affected by many factors such as Elon Musk’s tweets and China’s move to tighten controls.

The price of Bitcoin – the world’s largest digital currency fell 30% before recovering slightly. Compared to the highs at the beginning of the year, the Bitcoin price has even dropped 40%.

This shows that investors may be pulling out. “The crypto bubble has begun to deflate and data from various exchanges shows that retail investors have put down their swords .”

Ethan Lou, author of the upcoming book “Once a Bitcoin Miner: Scandal and Turmoil in the Cryptocurrency Wild West,” says that when cryptocurrencies are volatile like last week, investors with a weak mentality will take action. shock.

Một nhà đầu tư chỉ chờ giá Bitcoin, Ether giảm để mua vào tuyên bố: Yếu tim thì không nên chơi tiền số - Ảnh 1.

However, some other retail investors are happy to continue the battle.

At a time when retail investors flocked to the cryptocurrency, the price of Bitcoin was up around 345% last year, Ether was up 1,219% and Dogecoin was up 15,483%.

Cryptocurrency exchange Coinbase had more than 56 million users, accounting for $335 billion in trading volume in the first quarter: $120 billion from individuals and $215 billion from institutions. This figure is much larger than the total transaction volume of $ 30 billion last year.

A few retail investors cheered the recent massive sell-off in the hope of catching a fresh bull run. Users on Reddit’s popular WallStreetBets forum use the term “diamond hands” as a shorthand to indicate their willingness to hold whether the price rises or falls.

In fact, the history of cryptocurrencies has seen tremendous volatility. Bitcoin fell 94% in 2011 and fell 82% at the end of 2017 due to many investors turning around.

Một nhà đầu tư chỉ chờ giá Bitcoin, Ether giảm để mua vào tuyên bố: Yếu tim thì không nên chơi tiền số - Ảnh 2.

Lily Francus, 25 years old, lives in San Diego – a research specialist at crypto hedge fund. She first traded crypto in 2017 but withdrew before the price dropped. Last month, she invested 1% of her assets in various cryptocurrencies to feed on the ongoing bull run, fueled by social media.

She immediately liquidated her Ether and reduced her Bitcoin holdings when Musk attended Saturday Night Live on May 8.

She then went on to buy back 40% of the Ether at a lower rate.

When you see people rushing into the market for fear of missing out on a good deal, it’s a good time to back out, ” says Lily.

Source: Reuters

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Source : Genk