Cryptocurrencies prices have collapsed during the past couple of weeks and now are slowly growing back. Why did it happen? Will the prices drop or rise again? And what exactly should we all do?
Well, if we knew clear answers to all these 3 questions we wouldn’t probably run an ICO — we’d be USD millionaires by now. All we can do now is to make some guesses.
Why did the prices drop?
Looks like there are two main reasons. The first one is the uncertainty about the US Security and Exchange Commission’s decision regarding the bitcoin exchange-traded funds (ETF). If approved, ETF will let people to buy into Bitcoin in a 100% legal and transparent manner. At the end of July SEC refused to approve Winklevoss Bitcoin Trust and then postponed their decision about another ETF, VanEck, until September.
As for Ethereum, it should be “grateful” to hundreds of unsuccessful (or scam) crypto startups built on Ethereum blockchain. During 2017 and early 2018 many of them has attracted millions on ICO’s but then investors have found out that most of the ideas don’t work and started selling tokens and ETH.
There are also a conspiracy theory that “whales” (big investors) are trying to kick the smaller ones from the crypto market setting a “bearish” trend. Once small investors get rid of BTC and ETH, “whales” will buy back what they’ve previously sold for a lower price.
What will happen next?
Obviously, much depends on SEC. Once the ETF are approved then cryptocurrencies will become more trustful and attract new investors. The question is — when.
What to do now?
The most productive strategy now is to keep calm and wisely choose where to invest. The startups must have a clear understanding about their advantages that will attract users. WONO has such an understanding. Even if we leave the decentralization (which most of the people don’t care about) aside.
WONO due to blockchain use offers a 1–5% deal commission and an exchange-free worldwide environment for P2P cooperation. People will use WONO because of opportunity to save money and effort. That’s why it will succeed despite of the situation on the crypto market.
t.me/wono_bot — get WONO tokens with 70% bonus right now!
Andrey Chepelev, COO at WONO