Downward Slope for Crypto

Virtual currency is at an all time low for this year. With Bitcoin barely above $8k, people are starting to get worried with their money. This is a scary time for cryptocurrency because no one is exactly sure how much lower it will go. The constant fluctuating values makes it very scary for people to start investing at one day it can be up 4% and within 5 hours be down 7%. This forces people to sell because they don't want to lose any more money, however, this just decreases the price even more. I recommend if you invested in a coin or token and it starts to drop in value, hold. Or as the internet says HODL. Now meaning Hold On for Dear Life, was first used on a forum when a drunk investor was upset about the dropping prices of Bitcoin. It blew up and is now one of the most popular saying in the virtual currency industry. Prices reflect off a coins buy wall or sell wall. If investors begin to sell their wallets, prices will drop. On the other hand, if people start to rapidly buy it will increase.

If you recently search up anything having to do with virtual currency, you probably saw an advertisement on another website. For example, on YouTube I constantly have videos about Bitcoin since I search it so often. Due to many scams coming from this. Google announced on Wednesday that they would be banning cryptocurrency advertising. “Improving the ads experience across the web, whether that’s removing harmful ads or intrusive ads, will continue to be a top priority for us,” said Scott Spencer, director of sustainable ads at Google. This is both good and bad for cryptocurrency. The good that come from this is far better then the bad, because less people are going to get scammed. However, ads that are not scams will no longer be able to be put on the internet. This will affect the price, possibly is the reason why we are currently seeing a drop right now. 

Along with everything else, China is escalating its clampdown on cryptocurrency trading. The Chinese government is looking closely at online platforms and mobile apps that offer exchange-like services. China used to be the biggest market for bitcoin trading until last year where they banned it. It will be interesting to watch what else China has in plan for cryptocurrency. As the United States still has no regulation on it, will they plan to replicate China laws, or will they let it be. Russian President Vladimir Putin said that "legislative regulation of cryptocurrency will be definitely required in the future." Also South Korean officials said they were considering following China's lead, and shutting down cryptocurrency trading via exchanges.

I will continue to "HODL" as Bitcoin had been around for awhile and I believe it will stay around for years to come. I will agree it is currently scary with all the changes being made. However, ever since I was a young age I loved to make money, so as long as there is money to be made I will be there. I am sure there are many people who are exactly like me. I tell my mother all the time who doesn't understand anything about virtual currency, you cannot be afraid to lose money to make money.