The co-founder of Litecoin Foundation Xinxi Wang has recently acknowledged that the cryptocurrency industry is cold and brutal but full of Hope.
This implies that the cryptocurrency world is full of uncertainty and risk, but there is still space for constant hope in crypto investment and market price trend.
Xinxi shared this statement via his Twitter handle some hours ago. And this was possibly shared to warn the potential traders and investors of what they could experience in the cryptocurrency industry.
In the tweet, he pointed out that there is no bailout once the crypto market crashes, stressing that traders or investors just have to accept whatever the market delivers. However, he acknowledged that the cryptocurrency market is full of hope.
“If you enter the crypto world, accept the fact that there is no bailout, no QE, no president pump, no everything else. It’s just you and the market, the cold and brutal but full of hope market,” Xinxi Wang shared.
Xinxi Wang Suggests How to Survive in the Cryptocurrency Market
The co-founder of Litecoin Foundation Xinxi Wang furthered his thought regarding the cryptocurrency industry by suggesting some precautions meant to survive in the crypto market.
He pointed out that traders and investors must be disciplined in their dealings. They must not trade or invest beyond their capabilities.
“To survive in such a market, make sure you are disciplined. Set rules for yourself. 1. Don’t risk what you cannot afford. 2. Best not to use leverage. 3. Make sure you can bear the leverage,” Xinxi Wang shared.
To survive in such a market, make sure you are disciplined. Set rules for yourself.
1. Don't risk what you cannot afford.
2. Best not to use leverage.
3. Make sure you can bear the leverage.
— Xinxi Wang, PhD (@TheRealXinxi) March 15, 2020
The Sudden Collapse of Prices in the Cryptocurrency Market
Litecoin (LTC) and other cryptocurrencies in the market, including Bitcoin (BTC), experienced a devastating price collapse over the past week.
The crypto market began to show signs of price downtrend, after the coronavirus outbreak started getting serious in some countries, especially in the United States.
It was the stock market that started losing values, followed by the cryptocurrency market led by Bitcoin (BTC).
The price retracement became huge for Bitcoin (BTC), Ethereum (ETH), Ripple’s XRP, Litecoin (LTC) and other cryptocurrencies after the World Health Organization (WHO) declared the spread of COVID19 a pandemic.
A few hours after the WHO’s declaration, virtually all the digital currencies in the crypto market lost at least 30% of their accumulated prices. This obviously resulted in losses for many crypto traders and investors.