It is not just the volatile nature of cryptocurrency markets that makes it difficult to invest in them. The market has a buzz of excitement that is prevalent on social media. This is in addition to 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.
A Unique Marketplace
Celebrities have been accused of wrongly marketing DeFi projects to unwitting viewers on numerous occasions. 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 attempted to refer to the token during the Bitcoin 2021 Conference in Juni, but was laughed at by the crowd, who clearly only wanted to hear about Bitcoin and not Ethereum Max.
Jack Dorsey, founder of Block (previously Square), continues his work with Bitcoin. He is making a strong effort to prevent software developers being accused in the same way. 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 celebrity lawsuits are not unusual, this announcement increases collective awareness about the vulnerability for developers in the crypto space.
Elon Musk, Dogecoin and a discussion on the hype surrounding cryptocurrencies is incomplete without including them. 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. DOGE’s price soared by over 15%, reaching 20 cents after this announcement. Then it remained stable at around the same level.
This constant flood of news about crypto can make it difficult for people to process and filter. 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?”.
They might even be interested in investing in a DOGE. What about 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. They fit right in with 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. It has become a sensationalist internet web where cryptocurrency is popular. In which futility and utility are often put to the fore, Due to the buzz of crypto’s highs and lows, finding a decent trading mentor without the right direction can be difficult. Finding a mentor like this is one step closer to achieving significant financial success.
Tycoon helps you streamline the knowledge of pro traders
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. The idea behind copy-trading is to allow new traders to see the decisions of experienced traders. 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. Tycoon acts as an intermediary between professional traders, and 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. Tycoon is soon to allow clients to use its new feature to help diversify their strategy. They can assign a percentage of their investments to one trader, which may seem like you are putting your eggs in one place.
Although the current crypto market may seem daunting, it is also a rewarding area to explore. 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.