Uff, what a roller coaster! If you're one of those who have their savings in crypto, I'm sure you've been sweating cold these days. The thing is that the conflict between Iran and Israel, which has been escalating, has turned the markets upside down. And of course, cryptocurrencies, which are already volatile, have gone crazy!
It's as if suddenly, instead of a broker, we had a DJ playing music at full volume, but instead of songs, it's graphs that go up and down non-stop.
Cryptos, not being backed by governments or central banks, are perceived by many as a risky asset, and in times of tension, they are the first to feel the impact. So, if you're in this boat, buckle up and be patient! It's a rough sea, but as they say, after the storm, the sun always comes out... or at least we hope so.
Pay attention to these recommendations:
1- No Fear!
I know it's hard, but stop checking X every 5 seconds! News creates fear, and that fear leads us to make mistakes more than usual. Avoid selling your cryptos unless you've studied every alternative. The markets will recover, but not all at once. Patience and sanity, friends!
2. Think about diversifying
Don't put all your eggs in one basket! You take unnecessary risks, you have to move like a shark, if you don't swim YOU DIE!
Seek refuge in reliable old assets like Gold or some stablecoins until the storm passes. Temporarily park your profits, always researching the stability and backing of these stablecoins.
Focus on solid projects with bulletproof technology. Stay away from Memecoins for a while, even if it's hard. Maximum Caution!
3. Lock up your Cryptocurrencies
Market instability is inevitable, but in these uncertain times, the safety of your assets is essential.
Use Cold Wallets or what others call "Hardware" wallets like Ledger or Trezor. You must guard your seed phrase with your life, under 5 locks if necessary!
Use trustworthy exchanges that are recognized, reputable, and have two-factor authentication. Avoid leaving too much money on exchanges, especially if you won't be moving it often
4. Keep an eye on what’s happening, but don’t overdo it
Follow the news but don’t let it consume you. Look for reliable sources of information, because they know what they’re talking about: The first casualty of war is the truth. Be wary of gurus promising castles and villas or worse, zombie apocalypses. Information is power, but too much information paralyzes you!
5. Have an exit strategy, but also an entry strategy
Have a plan outlined for each scenario: What price do you sell if things get worse? And what price do you buy? Having a map of the terrain will help you choose the best path as needed, and you'll be ready when things get tough. You'll look like a know-it-all! That's the secret.
As I tell you, in times of uncertainty, the key is not to panic, inform yourself wisely, and be cautious.
KEEP ALERT AND EAR TO THE DRUM
#IsraelIranWar #internationalnews
#ww3 #CryptoSafetyMatters #CryptoPatience
Adrián Hermógenes
Internationalist