How To Protect Your Wealth When Bitcoin Continues To Drop
Bitcoin took several blows in the past several days. Concerns over the security of Bitcoin and the speech from Donald Trump may have caused a brutal sell-off among cryptocurrency markets. Bitcoin once fell to $31,000 from $36,000. Bitcoin has closed the day red for five days now. Other cryptocurrencies also saw more than 10% losses.
U.S. officials recovered most of the ransom paid to hackers targeting Colonial Pipeline. According to court documents, investigators managed to access the private key or password of one of the hacker's wallets. This has raised doubts about whether Bitcoin is truly "decentralized".
Meanwhile, Former US President Donald Trump said he disliked Bitcoin because it seemed like a scam and needed very strict regulation. This is not the first time the former president shows a negative opinion about Bitcoin. In 2019, after he said that he wasn't a fan of Bitcoin and other cryptocurrencies, Bitcoin's price saw a $10,000 decrease. Trump’s attitude has many people worry whether governments will place stricter regulations on cryptocurrency.
Recent sell-offs wiped away most of Bitcoin's gain in 2021. Although Bitcoin is now up 12% this year, its yield falls behind many traditional assets including stock indexes in Europe and Asia as well as commodities.
Bitcoin is now in a "cooling off period" that could last "a few months", said Vijay Ayyar, head of Asia-Pacific at crypto exchange Luno Pte. The market appears to be indecisive. The number of transactions in the Bitcoin blockchain hit a low of 175,000 on May 30, a nearly three-year low in the past three years.
Although Bitcoin rose by more than 10% on June 14, it still did not break through the 30k to 43K range, proving that it will continue to fluctuate with a high probability.
What should you do in times of uncertainty? Some investors consider every dip a buy opportunity, but it is very hard to time the market. How about hodling? It takes much willpower to not sell when Bitcoin drops. The good news is, there is a way you can hodling your Bitcoin and earn passive income in the meantime.
Bexplus Exchange has launched an interest wallet for traders to hedge against risks. Deposit in the wallet and you can earn up to 21% annualized interest. Bexplus is a leading cryptocurrency exchange offering 100x leverage futures trading on a variety of trading pairs - BTC, ETH, LTC, EOS, XRP, etc. Deposit in Bexplus doesn’t require a deposit fee and KYC.
What Bexplus interest wallet offers
Independence: the wallet is independent of the trading account, so the deposits would not be used as margin, nor would it be influenced if your positions got liquidated. Transfer between trading account and wallet is instant.
High Security: the platform uses multiple signature access, and all funds transferred from cold storage to hot wallets are manually processed and require multiple staff to coordinate.
No Penalties for Early Withdrawal: withdrawal requests will be processed within 1 day with no penalties for early withdrawal. If you withdraw your deposit on the tenth day of the month, you can still receive the interests generated within this period.
No KYC Requirements: all registrations on Bexplus are done via email verification. You don’t have to worry about getting your information leaked.
Bexplus wallet is the perfect place for you if you want to take a break from trading.