Last Week’s Crypto Success!

Last week the cryptocurrency markets welcomed what turned out to be a very promising bull run, one that has really helped to bolster the position of Bitcoin and the rest of the cryptocurrencies going though August. Bitcoin itself is now in a far more promising position, lined up ready for the next charge that could take it beyond it’s $20,000.00 target. Let’s however bear in mind that at little over $11,000.00 at the time of writing, Bitcoin still has quite a long way to go before it is able to breach $20,000.00, in fact at the moment, it’s only just about half way there.

Bear in mind that the markets are super volatile at the moment. Even during bull season, the bears can take back over and prices can start to decline, the markets are risky and no cryptocurrency investment is a sure thing. We expect some correction to take over during the next week, what this will mean is that Bitcoin and other cryptocurrencies will start to enter a decline, one which could be quite steep given the gradient at which Bitcoin shot up last week. A figure of around $10,000.00 isn’t exactly unrealistic in this instance.

So, if you do decide to invest, please do so based on your own research. Only invest money that you can afford to lose, because as long as Bitcoin stays up there, the chance it will start to decline only gets greater.

Many people, experts and traders included believe that the recent bull run is as a result of internationally declining currencies. FIAT currencies like the Pound Sterling and the Chinese Yuan have entered a decline as a result of various ongoing political tensions. Experts believe that this is causing people to turn to other means to store their money, given that as FIAT currencies decline, the chance of a recession or banks collapsing only increases. People are turning to Bitcoin because it is seen as a ‘safe haven’ and, is honestly one of the best ways you can protect your money during political turmoil, because thankfully, Bitcoin is not impacted by the government, not yet at least. 

For now, we will watch the markets very closely to try and work out what might happen next, who knows how the markets will look this time tomorrow. Whatever happens, as long as you keep your eye on the standings and invest carefully, you do have the chance to really make the most of this recent success.