$1 trillion cryptocurrency earthquake

He came into our lives 13 years ago. In a short time, the number of investors exceeded the million mark. Cryptocurrencies have become a highly profitable investment vehicle for some. A nightmare for some…

Non-major currencies that have been diversified over time. Investors’ appetites have grown. The rise and fall in value of speculative investments in a short period of time increased concerns. The Fed’s tightening policies have also hit crypto assets. Geopolitical concerns and global risks had a negative impact.

The earthquake in today’s popular investment vehicle cryptocurrency continues. Bitcoin collapsed below $20,000, hitting its lowest level since December 2020. Ethereum, on the other hand, saw below a thousand dollars. Millions of investors who did not expect this decline are also shocked.

Bitcoin, which rose to $69,000 on November 10, 2021, hit its highest level in history, crashing to $17,600 7 months later.

“CRYPTO COINS RUN FAST”

Beykent University Rector Murat Ferman said: “Cryptocurrencies ran fast. The participants of this race had a pleasant time. Also in the virtual world, he has already made great strides in the virtual digital environment. But finally there is no doubt that it is time to evaluate it from a more realistic perspective,” he said.

The current cryptocurrency market size with millions of investors is around $900 billion. However, with the sharp decline it has experienced over the past two months, this ecosystem has declined by $1 trillion. With the reset of Luna, which is in the top 10 in the crypto money market, millions of people have lost billions of dollars.

Some wanted to cut costs. He added cryptocurrencies to his portfolios as the price fell. But that only increased the damage. As the direction of the market kept going down, crypto assets were again questioned.

“HONEYMOON IS OVER IN CRYPTO COINS”

Ferman said: “Perhaps when this excitement, this cheering and this unconscious participation of everyone is over, everyone will sit and look at it and evaluate it, and some empty dreams like the magic solution, the undeniable safe haven, buy a bay 10, sleep one night, get up a millionaire the next morning, and it may be useful to look at it as a new page that expectations, which are not strongly supported, should be restarted. Cryptocurrencies will continue to exist. But they will change shape. And they are evaluated along with their weaknesses and strengths. In other words, the honeymoon is over in cryptocurrencies.

“MONEY IS NOT THE ONLY THING INVESTORS LOSE”

Money isn’t the only thing crypto investors lose. In addition to the economic victimization, the psychological impact is undeniable. Especially in the last two months, the declining and lost amounts can cause psychological damage in people.

Despite the losses, some investors are not giving up on crypto. High profit expectations are the first reason. However, it is not clear which direction crypto assets will take.

University of Health Sciences Prof. DR. Ramazan Konan said: “In this kind of environment, people are in speculative expectation. If he converts his cryptocurrency investment into gold or another stock, there is no way to achieve his dream investment. That’s why it stays there. “The expectations are huge,” he said.

There were those who sold cars or houses and invested in crypto assets. Some have also moved their loved ones’ money to the virtual world. The higher the yield, the higher the investment. The result is disappointing for now…

“I THINK THE FUTURE TECHNOLOGIES ARE IN CRYPTO”

Cryptocurrency investor who has lost a lot of money lately made the following statements:

“There is a loss of about 700,000 lira. It’s finally lost. I made this money, it’s my money, so let me tell you. We have such a loss. The future for me is crypto due to the recent crypto crash in the last two months. So I invest in technology. And I think so, so I think the technologies of the future are in crypto. So I will keep doing this. Until it disappears Of course it affects a lot mentally. I know I got up at 2am at 3am and checked out. This has been keeping me busy lately. Recently it has started to cause hair loss, especially in the last period, mentally. Of course, that had a very negative impact.”

“YOU ARE NOT AT A POINT WHERE YOU CAN AVOID THE CRYPT VERY EASILY”

The average age of people investing in cryptocurrencies is low. The return expectations are higher than with ordinary investments. So is cryptocurrency addictive? Why can’t investors give up?

Prof. DR. Konan said: “This involves a complete change in her life. Therefore, giving up this dream depends on how much they have invested here. I don’t mean money by investments. Think emotionally, think behaviorally, think socially. How much do you invest in your life and what do you think you will gain from that investment? The deeper it is, the more they depend on it. “They’re not at a point where they can give up very easily,” he said.

Crypto assets will be on the agenda for a long time. Will loss-making investors recoup their costs? Time will tell too.

SOURCE: TRT NEWS

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