Experts recommend keeping your cryptocurrency investments to under 5% of your portfolio. If you’ve done that, then don’t stress about the swings, because they’re going to keep happening, according to Bill Noble, Chief Technical Analyst at Token Metrics, a cryptocurrency analytics platform.
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Mikhael Karkhalev, financial analyst at currency.com, said: “Growing concerns around inflation and global rate hikes are clearly on investors’ minds.
Speculators in the crypto community continue to describe Brooks move as a stepdown, however, in terms of company size and brand awareness in the crypto space considering his office as CEO of Binance US previously.
Funding: This work was supported by the Engineering and Physical Sciences Research Council (EPSRC). The funding was received by Ross Phillips (RP) via the DTC in Financial Computing & Analytics; reference number: EP/L015129/1; http://gow.epsrc.ac.uk/NGBOViewGrant.aspx?GrantRef=EP/L015129/1. The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.
"After hitting fresh milestones and hitting new ATH’s backed on the US CPI Inflation figures for October, traders began to book profits," it added. "Such corrections do not seem to be a major cause of concern just yet."
Bitcoin made a new life high at $66,998 on 20th Oct and since then it entered into a retracement phase and subsequently prices dipped below $59,000 in the following days.
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Wavelet coherence plots between (a) Bitcoin and Litecoin prices; (b) Bitcoin and Monero prices; (c) Bitcoin and Ethereum.
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The phenomenon has occurred more frequently in recent days, with Bitstamp also seeing freak order-book events.
New short-term investors who are selling their holdings in reaction to the drop may be influencing the continued dip in Bitcoin’s value, according to a recent report from Glassnode Insights, a blockchain analysis firm.
The process is more complicated than this, but when most coins are mined, the mining rate decreases so that the total supply is only replenished to account for lost units. If you’re aware of basic economics, you’ll know that supply and demand determine prices. For the sake of our discussion, let’s consider supply to be limited or highly restricted.
However, investing in a crypto ETF, like BITO, still carries the same risk as any crypto investment. It’s still a speculative and volatile investment. If you’re not willing to lose the money you put into crypto by purchasing on an exchange, then you shouldn’t put it in a crypto fund either. Carefully consider if you’re willing to take on the risk of having cryptocurrency in your portfolio at all.