Cryptocurrency newbies are worried about deciding their next move as the market becomes unpredictable. Therefore, members of the crypto community have given their advice to those trying to get through the harsh “crypto winter”.
In a Twitter thread, non-fungible token (NFT) collector and trader Krissyos highlighted the importance of having a survival mindset during these times. According to the user, cryptocurrencies and NFTs “will skyrocket in the future.” However, Krissyos believes that many current projects are doomed to fail.
For this reason, the trader pointed out that the main priority should be to define one’s risk tolerance, or the amount one is willing to lose, and the dollar-cost averaging, which “restricts its upside potential to mitigate possible losses.”
Bobby Ong, co-founder of coin information site CoinGecko, shared Finding new potential projects and trying them out is one of his favorite hobbies. Citing a tweet listing upcoming projects, Ong wrote that getting in early is often rewarding.
For more experienced Bitcoin (BTC) and Ether (ETH) holders, Ong said several years of market swings won’t make much of a difference. Ong advised such traders to spend quality time with their friends, family, and themselves.
3/ If you are a long-term BTC/ETH holder, multi-year market gyrations won’t make any difference, so go spend quality time on yourself, family, and friends. Go for a jog, cycle, hike. Improve yourself technically and socially. Spend time with family. The market will still be here.
— Bobby Ong (@bobbyong) June 12, 2022
On Reddit, user Kuzkokronk highlighted the importance of buying Bitcoin during this time. According to him, if community members aren’t buying BTC right now, they will regret it “5 years from now.”
Cryptocurrency trading platform Gemini recently announced the dismissal of around 10% of the company’s staff. In a statement, company officials cited the “crypto winter” as one of the reasons for the move. On the other hand, digital asset exchange Coinbase also announced that it will pause new hires and review its current staff.
For his part, Sam Bankman-Fried, CEO of FTX exchange, explained that the company will not stop hiring staff and “will continue to grow” despite current market conditions. Bankman-Fried noted that they are not going to reduce the number of hirings, but are going to “keep moving forward.”
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