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Crypto winter: 2 tips on how to properly prepare for hibernation

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Keep calm, a reversal is never far off

Staying calm is what animals do who want to survive the harsh winter without problems!

“It looks like we are entering a recession after an economic boom that lasted for over a decade. A recession could lead to another crypto winter and could last for an extended period of time.” > https://t.co/yx5mMmtv9B #Bitcoin
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The best thing investors can do right now is to try to look at the situation objectively. When the value of your portfolio drops overnight, you should avoid making emotional choices. This usually leads to regrets later.

important return to your goals (if you had them). Why did you start investing? If you have a long-term perspective, then the recent drop in cryptocurrencies is just an opportunity to buy promising tokens at huge discounts.

If you intended to make quick wins, then it is more difficult, because the rebound may not happen. V-shaped. Moreover, if you want to quickly catch up, you will have to trade derivatives (options, futures and CFD), which are more difficult to negotiate.

Choose reliable trading platforms

Platform choice is important (long before a potential crisis). cryptocurrency platforms not immune from crypto winter. Celsius, a lending platform, quickly found itself in dire straits in mid-June and temporarily blocked withdrawals as Bitcoin hit a yearly low. Same way, Coinbase and the Twins were forced to cut staff.

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So if you trade on a flimsy centralized platform (CEX), you risk losing your funds, this time not because of the market, but because the platform can’t hedge adequately.

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BitPanda allows you to easily trade cryptocurrencies online. Creating an account is fast, free and very easy.

Be vigilant and consult your financial advisor before making any investment decision. Mirror-Mag cannot be held responsible for unsuccessful investments. Before using any third party service, you should do your own research.

Almmaye

Alm May has been a trader and analyst since 2013. He is an expert in stock markets, Forex and cryptocurrencies. He is the creator of Almvest.com and Imveste.com, two personal finance websites. He contributes to the development of feature articles on specialized websites such as Actions-boursieres.fr and also on the international Finixio.com network.

Almmaye
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