Tuesday, December 7, 2021

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Cryptocurrencies like Bitcoin, Dogecoin and many others drop

In the past 24 hours, popular cryptocurrencies such as Bitcoin, Ethereum and DogeCoin have all fallen. Today, (May 19, 2021), the transaction price of Bitcoin is only 2.85 million, while the transaction price of Ethereum on the encrypted platform is 180,000. DogeCoin price fell to 21 rupees, and the recently discussed Shiba Inu coin fell more than 48% to 0.000710 rupees.

The prices of almost all currencies are at a loss. Popular currencies may seem dramatic, but given the high volatility of crypto assets, this is not surprising. Reuters reported that after China banned Bitcoin, Bitcoin fell to a 3-1/2-month low on Wednesday. China also banned Financial payment institution to provide cryptocurrency services.

According to ZebPay co-CEO Avinash Shekhar, the nearly 40% drop in the price of Bitcoin from an all-time high may seem dramatic, but in many turbulent markets, including cryptocurrencies, this is normal, especially in such cases after the big rebound. The solution is mainly related to short-term traders’ profit. He said that falling prices may become a buying opportunity for long-term investors.

“The price of Bitcoin has fallen by nearly 40% from its all-time high, which seems amazing, but in many turbulent markets, including cryptocurrencies, this is possible, especially after such a big rebound. Shekhar said that long-term investors like MicroStrategy can view these lower prices as buying opportunities.

Technical analysts describe it as testing the support level of around $40,000. No investor would say that tweets are the main culprit. Investors should invest in education first. Bitcoin, Ethereum and other crypto assets because they can view company information before buying stocks. He added that strategies such as rupee average and SIP are used to more confidently respond to fluctuations and make long-term decisions.

Related to correcting the situation. Should you invest in Bitcoin? The future of cryptocurrency is unpredictable and unstable. High-risk assets. Therefore, experts recommend not to risk large amounts of emergency funds for saving and using cryptocurrencies.

Read More: EU citing raw material security issue: Experts warn to recycle

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