The market for cryptocurrencies as a whole reached a peak of $2.9 trillion in November 2021, but it has since sputtered. Retail investors are increasingly selling up their digital assets as the cryptocurrency market falls. The Luna Terra stablecoin scandal and the suspension of withdrawal services by multiple crypto firms are just two of the causes of this market collapse.
It won’t be inaccurate to state that this crypto winter has been the worst ever. Companies like WazirX and Binance competed over control of the business for the first time. Not to mention, the lack of regulatory certainty from international authorities has made investors who lost their whole life savings even more hurt. In this scenario many of us wants an exit from this much volatile market. Here we are sharing 4 tips that will help you in bidding adieu to cryptocurrencies safely.
Sell all of it:
One thing you should do to exit the cryptocurrency market is to sell all of your digital assets and liquidate them through a cryptocurrency exchange. You should be able to withdraw your assets from any cryptocurrency storage service.
Store your cryptocurrency in a secure wallet:
Sending your cryptos to a secure hardware wallet is your best option if your portfolio is in the red but you have no plans to stop using cryptocurrencies just yet. Keep them in storage until the bear market ends. Have in mind, though, to always keep your private keys with you. So that you always have access to them, keep them in a secure location. Your blockchain-based cryptocurrency wallets contain your cryptocurrencies and store them cryptographically, making it difficult for someone to steal your private keys. You cannot claim ownership of any cryptoassets without private keys. If you don’t have private keys, court orders or any other legal documents won’t be worth much.
Stop relying on charts or influencers:
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The bitcoin market is unstable. You come across prospective investment opportunities every day. When you continue to follow new coins, it becomes tough to leave the crypto world. An emotional change of heart must be avoided. Try leaving all crypto-related groups on Telegram, Reddit, and other social media platforms. These groups can establish fake narratives and promote new currency.
Look for safer investment options:
The stock market, which is a regulated environment, can be the greatest place to invest as a diversion. If you’re serious about investing, educate yourself on the stock market, establish a strong portfolio, and shift your focus from cryptocurrency to equities markets. While the stock market is also vulnerable to volatility, it contains a feature known as a “daily lower circuit” that protects you from losing all your money on your investment.