Neil Patel provided advice to investors amid the current times when cryptocurrency trading prices plummet.
This finance writer from investing insights and financial advice provider, The Motley Fool, aimed to help investors properly navigate the recent virtual currency market rout.
We believe our readers, especially new cryptocurrency investors, need some insights regarding the significant things they should do as they deal with the recent cryptocurrency market bloodbath’s repercussions.
We think this informative online discussion about finance writer, Mr. Neil Patel, dispensing some recommendations for these times when cryptocurrency trading prices are noticeably nosediving will be useful for our followers.
Hence, we are posting it on our portal. According to the article posted online by The Motley Fool, Patel affirmed that the virtual currency market had been unsurprisingly hammered lately.
It hit a summit market capitalization of almost US$3 trillion in November 2021, and today, the whole cryptocurrency sector is worth less than US$900 billion.
Patel said the recent cryptocurrency market meltdown led investors to feel terrified as they witnessed their cryptocurrency investment portfolios plummet, with cryptocurrency trading prices of leading crypto-assets like Bitcoin dropping substantially.
Additionally, he said many cryptocurrency-focused businesses are presently struggling and even failing.
This Motley Fool finance writer and long-term investor confirmed the US Federal Reserve System’s intentions of aggressively hiking interest rates this 2022 to control soaring inflation had affected the crypto-asset market, besides slamming stocks, with the S&P 500 plummeting 18 percent this year.
High-growth technology stocks have gotten crushed as well. This incident happened as investors fled from risky investments and flocked to more conservative investments.
Patel advised virtual asset investors to stay calm and not abandon their investment strategies while everyone seems to be selling and panicking.
He instructed cryptocurrency investors to control their financial situations, paying off any high-interest debt obligations and having sizable emergency funds ready.
Furthermore, Patel advised cryptocurrency investors to keep a long-term mindset in these highly pessimistic times when cryptocurrency trading prices plunge considerably.
This Motley Fool finance writer relayed that markets are unpredictable, especially in the short run, and anything can transpire next month, quarter, or year.
Thus, Patel recommended his optimal course of action, which applies to the cryptocurrency world and the stock market, involving looking forward a decade or longer.
The finance writer noted that Bitcoin is down 54 percent this year. Nonetheless, it has still generated a trailing, five-year return of about 670 percent.
Furthermore, Ethereum has recently produced a monster return of 37,700 percent since its unveiling in the cryptocurrency space in 2015. This fact is despite this virtual currency’s trading price nosediving 68 percent this 2022.
Patel described Bitcoin and Ethereum as the most valuable and oldest crypto-assets having the potential to carry on being massive winners this time, despite the virtual asset market’s gut-wrenching volatility.
We appreciate Mr. Patel’s helpful advice for investors amid this time of uncertainty. We agree that the tumbling cryptocurrency trading prices should not leave investors perturbed.
After all, the cryptocurrency market, similar to the stock market, has its spells of ups and downs, with cryptocurrency trading prices rising and falling. Hence, we recommend our readers stay calm.
They should also continue to keep themselves well-informed about the crypto-asset market and remain hopeful and patient for the long haul about their investments since we believe there is always “sunshine after the rain.”