How investors respond will be key to the future of cryptocurrencies. We have already seen panic and despair, with some comparing this crash to a traditional run on the banks. But with
Notwithstanding historical price volatility, there is a basic assumption often seen in investor behaviour: that the asset price will increase, and will keep on doing so. In this scenario the investor doesn’t want to miss out. They see the asset rising, consider it a “sure thing” and then invest. Put simply, many will have invested in cryptocurrencies because they believed it would make them richer. This belief has no doubt been shaken.
For these investors, any increase in the value of a cryptocurrency is a demonstration of the increasing power of cryptocurrency over traditional money. But likewise, a significant decline in the value of crypto is not simply a monetary loss – it is an ideological one.
Source: Digital Coin News (digitalcoinnews.net)
When bitcoin came down to 3k in 2018 they all said it will go to Zero, it went to 70k, now it has come to 29k, it has shaken belief..obviously for those who buy at 70k😂 it can go down to 14k in this cycle..but in the next cycle🙄🤭🤣
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