Why Crypto Has been In The News Recently
In this blog I wanted to cover why cryptos have been in the news recently and what this all means. As I'm sure most of you have seen and heard I know myself I have about cryptocurrency being in the news in the recent months. Now this is how I originally got into crypto I first started to hear about it on the news and media how much attraction it was getting. That's how and when I first decided to get into cryptocurrency. As I'm also sure that's where this recent wave of amateur crypto enthusiast and retail investors has come from. Now if you been living under a rock this will all be new news to you but i really shouldn't be. This has been going on for the last couple of months and that's why I have decided to dive deep into this vary topic on todays blog. Okay so with that out the way let's now get into the blog.
What's been causing all this publicity around cryptocurrencies
So for us to start off we need to figure out first what it is causing all the publicity around cryptos. Now to be honest there are many reasons for this happening. One is more people at the begging of the pandemic started to get into crypto as a hobby since they were locked down and had nothing else to do. Other did it to start making extra money or to star getting into investing into it. Second is All the events happening within the crypto market. Things such as ETH 2.0 and other cryptocurrency upgrades and updates. Along with further developments into DeFi and DeFi exchanges. But also events such as bitcoin hitting $50k and then the massive dip we are currently experiencing. Take what's been happening with UNI swap and sushi swap as an example. My third reason for the recent explosion into cryptocurrency and my main reason as well is because of inflation. Inflation for the U.S dollar has gone up 5.4 percent in recent years causing may to panic. Which has had many people and institutions adopt cryptocurrency. Just take a look at El Salvador who adopted bitcoin because their inflation has gone through the roofs and has destroyed the economy. Then finally we have the recent emergence of shitcoins. These coins are a scam and have great attraction to retail investors who don't do their research. If you want to learn more about shitcoins you can read my Blogon them using the link.
How Is This Effecting The Market
Now we will look at how all of this is effecting the current market conditions right now as of releasing this blog (7/15/21). With all this publicity surrounding cryptos in the publics eye a lot more retail investors have been getting into the market. This was very clear with the price of doge know as a go to retail investor crypto hitting a high of $0.68. This was crazy growth and was near the beginning of the height of the crypto hype cycle. Nobody had seen it coming and everyone was really surprised when they learned that the price had hit that height. Many were predicting it to hit $1 but it never did. The reason for that is because of the crash. Soon after all these retail investors got into the market the big players on wall street sold out and crashed the market. This is why we are in the current scenario we are in as of this blog being typed. With all the retail investors now selling and trying to recoup losses the big time investors are just getting ready to buy up the dip. If your planning on investing this is my advice. Remember also none of this is financial advice so don't take it as so. But wait 2 more weeks near the end of the month and by then we should see bitcoin hit below 30k and possibly see Ethereum hit $1,500.
What this means for cryptocurrencies future
With cryptos now being in the mind and thought of the public now I see a bright future for crypto. I think the recent events will actually increase and speed up the adoption of cryptocurrencies. This is because wall street and the big investing firms and financial institutions are starting to recognize the worth and value of cryptos. With them adopting cryptos this will fuel the increase in use of cryptocurrencies. From using it to pay back loans and paying back debts to taking out loans and just normally using cryptos to buy every day things we use. This makes me very optimistic for the future of cryptos if you ask me.
My Final Words
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