Metaphorically speaking, that is how cryptocurrency is going to recover.
Yesterday I wrote about, before the news broke, that there would be a major announcement from the US regarding cryptocurrency. It turns out, there was an arrest made regarding a little known cryptocurrency exchange called Bitzlato. I wrote that it was good news, the market was down, so the initial reaction was that this was not good news for cryptocurrency.
I still stand by the theory that every time a fraudster or criminal is taken down in the cryptocurrency world, it helps the long term health of cryptocurrency. We need this. I was hoping the market reacted to the news as positive, it did not. However, as we saw during the end of 2022 and the beginning of 2023 people want to believe in and invest in cryptocurrency as evidenced by the increase in prices over that timeframe.
Hopefully, the fallout of the FTX scandal is over soon, but it may not be. I originally predicted that the market would turn in the summer of 2023, it started in December 2022 for a bit of a tease. I still believe in six months the next real bull market will begin.
Here is an analogy to think about. Most people are afraid to fly after a major airline has a plane crash. The reality is, it is the safest time to fly after the accident because safety is again prioritized and everyone is on their toes so to speak. I think this fits with todays crypto-market, it is the safest time to invest because there are people/agencies watching out for fraudsters and scammers. This is good for a regular investor like myself.
Here's to continued health and healing!
