To say that 2022 was difficult for the crypto industry is grossly understated. FUDs left and right tested the mettle of crypto exchanges, with many failing the test when it mattered most. Profits from the last bull run have vanished like thin air — some are now even in debt and it would appear the worst has yet to come.
Not to add insult to injury, but the path to financial wealth is laden with thorns and thistles. Crypto is a young market compared to stocks and foreign exchange; that is a given. Only those who believe in crypto’s potential in the bear market will emerge prosperous during the next bull run.
But before we dive into the main topic, let’s take a moment to examine the current price and future predictions of the cryptocurrency that started it all: Bitcoin. What does the forecast hold for Bitcoin’s value in 2023? Let’s explore.
Bitcoin Price Watch and 2023 Analysis
Bitcoin, the pioneer of the cryptocurrency space, is currently valued at $ 26,439.08 with a 24-hour change of -2.51%. With a market cap of $ 512,601,842,875 and a trading volume of $ 16,691,861,830, Bitcoin remains a major player in the ever-evolving world of digital currency.
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Bitcoin Price Forecast 2023
So how can you safeguard your crypto portfolio from going to zero? Here are the top 5 crypto things you should stop doing in 2023.
- Investing in Shady Coins
This is the most popular advice given crypto’s volatile nature. Admittedly, a good percentage of investors and traders have invested in cryptocurrencies, including sh*tcoins, with the aim of making profit and cashing out before all hell breaks loose. The problem with this practice is that money is siphoned into projects with no actual products.
The initial coin offering (ICO) era is way over. At this rate, people should invest in legitimate projects even if there is little-to-no profit at the time being. After all, we are here for the tech, no?
- Investing More Than You Can Handle
After all that has happened in 2022, it is safe to say that crypto won’t make anyone rich — at least not in a straightforward way. So, whoever convinced you to buy crypto because it’s eAsY mOnEyzz can go to hell.
Once again, only attempt to invest in what you can afford to lose. Do not put your family’s dinner money into any decentralized finance (DeFi) or centralized crypto exchange. Just don’t.
- Flipping NFTs
This is probably the hardest pill to swallow.
Non-fungible tokens (NFTs) are useful for the purposes that they are designed to serve. While many NFTs remain successful due to their intrinsic value and the dedication of the team behind them, their initial inflation was mainly due to hype and speculation, not utility.
In short, YES to 3D art masterpieces and digital vouchers for exclusive club memberships; big NO to shiny rock JPG files and pixelated shenanigans.
- Clicking on Phishing Sites
A lot of people have lost their entire portfolios due to clicks made to seemingly-harmless websites or social media posts. On Twitter alone, there are gazillions of bots that say ‘click here for free minting’.
Make sure to open links or files from entities that you trust. A lot of hackers today can develop social media accounts and platforms that look similar to a reputable entity. Before you click on any file or website, verify first if the sender is legitimate.
- Storing Assets in Exchanges
Aside from keeping yourself safe from hackers, you need to make sure too that the exchange that you use is stable. What happened to FTX is a shock to everyone, even to its detractors. If FTX, one of the largest crypto exchanges in the world, has become bankrupt, what more other lesser-known exchanges?
As an added caution, make sure to store your assets in your offline wallets. Keep them safe and give access only to yourself and to a select number of people that you fully trust.
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