On Friday, several crypto enthusiasts took to social media to express their dissatisfaction with the state of the cryptocurrency market. A Reddit user named imyourkingg reportedly invested 30% of his fortune in bitcoin (BTC) a few months ago, saying:
“I do not need this money for the next five to ten years, but I must admit that sometimes I get scared of the future of Bitcoin; I mean it will crash or never reach $ 100,000 or $ 200,000 as the forecast says for 2025 or later. At least $ 55,000 left lol, and I’ll lose that money, especially when all my friends, mom, and family call me crazy for putting money into it. ”
The decentralized nature of cryptocurrencies means that there are no circuit breakers equivalent to traditional exchanges. The resulting ox / bear cycles can be intense and difficult for beginners to get used to. Another Reddit user took to the platform with a post titled “$ 60,000” and panicked:
Well, I was new to cryptocurrencies and fell victim to Thanksgiving dinner, but I need help if I sell it or keep it. Guys, I’m taking it [wait for life], but I can not buy more districts.
The price of bitcoin started in 2022 disappointingly as the digital currency is down 11.4% over the last 24 hours and down 44.7% from its record high of almost $ 68,000 in November 2021, making it more weatherproof through these landslides. The same can not be said for investors who have only recently entered the game. According to a report by Huobi Group, 70% of existing US cryptocurrency holders began investing in crypto in 2021.