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As the stock market struggles in bear market territory, you might hope that your cryptocurrency is at least seeing better returns. That’s decidedly not the case.
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The crypto market is dipping just as severely as the ordinary stock market, costing investors untold sums of money and wiping out nest eggs and retirement savings. But that’s not necessarily reason to feel hopeless. There are opportunities in the dip to gain and maintain wealth. Here are some strategies to pursue during this trying time.
Related: Understanding the Rise and Fall of the Cryptocurrency
1. Hodl
As they say on the Reddit threads, “hodl!” Basically, that means don’t sell. Cryptocurrency is volatile by nature, and the first rule of investing is to sell for more than you bought for. Sure, you may have lost some money in the short term, and your investment isn’t looking too good, but don’t make any rash decisions based on panic.
Just as you would with any other financial situation, you must remain calm and keep a clear head. Ask yourself if you’re investing because you believe in the long-term opportunity or want to make a quick buck. Yes, there are benefits to both lines of thinking…
