A naukri.com initiative
Altcoinbuzz
1M
86
Is September’s Crypto Shake Up Over? or More Pain?
- Short and intermediate-term trading in the cryptocurrency market may be risky due to the current uncertainties and choppy market conditions in the US economy.
- US economic data is demonstrating a downturn as more banks appear to be on the brink of default, housing demand in the US has hit a new 28-year low and Treasury Secretary Janet Yellen is warning that US inflation remains a risk to the economy.
- Although the US housing sector may appear irrelevant in terms of cryptocurrency, its downturn has the potential to have a serious knock-on effect on global liquidity levels, including the cryptocurrency markets.
- The US private sector seems to be contracting, and job numbers for 2024 have been downwards adjusted. Many of the new jobs created were within government rather than the private sector.
- In essence, the current economic environment means the cryptocurrency market is choppy and uncertain, which can be problematic for traders operating within the short or intermediate-term timeframes.
- Long-term investors, however, can remain calm and strategic despite the current environment. Strategic buying during dips is recommended even if this means buying smaller amounts as the project grows over time.
- Cryptocurrency trading based on US economic data is not recommended for those seeking short-term gains in the current economic environment.
- Altcoin Buzz reminds readers that their content is for educational and informational purposes only, and is not considered financial advice.
- The risks associated with cryptocurrency remain high and investors are investing at their own risk after adequate due diligence.
- Anyone following cryptocurrency prices and performance during 2024 will have seen Bitcoin's choppy return of -8% over the past 30 days and just under -20% over the past three months, while it's up 6% over six months and 115% for the year.
Read Full Article
5 Likes
For uninterrupted reading, download the app