Silvergate Shutdown affecting the Crypto stocks
In cryptocurrency market things are connected with each other. It means that when see some negative news then it affects the market and seems like the current market fall is also because of the negative news.
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Silvergate has announced the shutdown for their cryptocurrency exchange and because of this their share price are going down and even the market is falling. Most of the coins are in red now. Bitcoin is trading around the price range for 20k usd and ethereum is less than 1500 usd. This is a clear dip of approximately 20% and that is not all as other coins are also in red and there also we cns see the price fall of 15-20% or even more.
We believe this decision was made, at least in part, to help mitigate Silvergate Bank's legal liability related to FTX's bankruptcy," Wedbush analysts wrote in a note.
We are in the bear market and this is one of this situation when negative news impact a lot because people are already in fear and because of this there is more selling pressure than buyers. Things may not be good for many but I still believe that it's time to buy despite the fact that market is down and gold time to buy at low price. We can not expect the Bitcoin price to towards 10k as that highly unlikely to happen.
This is hard believe that crisis are going to that range what again people who are here from vision must be buying as much as possible. Whenever no what the bottom is going to be and it is very difficult but buying in parts if something that can help us to achieve a better buying and average price altogether. This is why even DCA is helpful as we need not to do much and all this is done by the platform itself. It saves time and effort and the purchase happen on automatic mode.
I have been doing DCA for quite some time and this is a good method to buy cryptocurrency in my opinion. We just need to maintain funds in wallet and that's all.we need to do to ensure that buying happen properly and that too with no manual intervention. So overall if you're here to play for the long term then when people are in fear then it's time for us to enter and there is risk but with more risk we also have the possibility to earn better.
Thank you so much
Stay Safe
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Thank you so much @steemflow
I wish that sooner we would have a crypto maejet less affected by the news and that more peoole will believe in crypto giving it wider publicity to overcome these triggers.
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