Looking beyond the common notion that cryptocurrency markets are volatile, there lies another characteristic that can make the idea of investing in crypto difficult for some. There is an air of frenzy that moves throughout this burgeoning market, and this feeling is pervasive on social media alongside FOMO. Being exposed to the wrong voices in such an important space can ruin one’s perception of cryptocurrencies completely, and it would be a shame for anyone to waste future opportunities due to having had such an experience.
An Eclectic Marketplace
For instance, celebrities have been caught out on multiple occasions for wrongly promoting DeFi projects to their (sometimes) unwitting audiences. Kim Kardashian and Floyd Mayweather have both been recently accused of “making false or misleading statements” in their promotions of the cryptocurrency EthereumMax, which allegedly caused investors to lose money. Mayweather even tried to mention the token at the Bitcoin 2021 Conference in June, only to be booed by the crowd (who were clearly there to hear about Bitcoin, not Ethereum Max).
On the other hand, Twitter and Block (formerly Square) founder Jack Dorsey continues to ramp up his efforts with Bitcoin through a compelling effort to protect software developers from falling victim to similar accusations. In an email, Dorsey announced the launch of a “Bitcoin Legal Defense Fund”, its main purpose being “to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem”. While lawsuits targeted at celebrities are to be expected, this announcement raises collective awareness of the vulnerability of developers working in the space who are in crypto for the right reasons.
A discussion about the lure of hyped cryptocurrencies would not be complete without mentioning Elon Musk and Dogecoin. Musk announced recently that Tesla has begun accepting Dogecoin payments for company merch, such as this “Giga Texas Belt Buckle” going for 835 DOGE at present. Following the news, the price of DOGE jumped by more than 15% and topped 20 cents before leveling off.
As you can see, this constant barrage of exciting crypto news can be challenging to filter and process. Upon reading the last 3 stories, people may be left with unanswered questions, such as “Are any celebrities in crypto worth listening to?”, or “Can software developers in the space be trusted?”.
Perhaps they may even consider finally investing in some DOGE. Will you?
Navigating The Noise
Before making that decision, consider that there are professional traders of crypto who have been analysing and trading these markets for years – and have results to back them up. Where do they fit into the noise? Shouldn’t people be listening to them? Funnily enough, people are listening to them – but finding these pro traders in the first place is its own mission. In the corner of the internet where cryptocurrencies are popular, it has evolved into a sensationalist web of ideas in which futility is often pushed to the forefront, while utility is cast aside. Due to the buzz of crypto’s highs and lows, finding a decent trading mentor without the right direction can be difficult. Even once someone like that is found, being able to understand how they trade successfully is another giant step towards making a significant financial achievement.
Streamline The Knowledge Of Pro Traders With Tycoon
Therefore, if you’re interested in crypto as an investment, but don’t trust yourself to try it, using a copy trading crypto platform like Tycoon could be a solution, and you can now do this with them on Binance. Copy-trading simply enables new traders to make decisions through the eyes of more experienced ones. On Tycoon, all activities of the traders are monitored via a secured API connection in real-time and can be copied to a follower’s portfolio automatically. Essentially, Tycoon serves as a secured interface between professional traders and its end users. It’s also comforting to note that all users of this tool maintain control of their funds, as they are never transferred or stored on Tycoon. All funds remain in the client’s preferred exchange account. Also, if assigning a portion of your investments to only one trader seems like putting all your eggs in one basket, a coming feature of Tycoon will soon allow its users to diversify their strategy by setting their funds to several traders, each with individual stop losses.
The current state of the crypto market can feel like an enigma to venture into, but it can also be rewarding. Learning from those more seasoned than ourselves is a key method of progression in many fields, and with convenient technology such as Tycoon’s API in one’s arsenal, getting involved in crypto while simultaneously leaving it to the experts may not be so complicated after all.