Want to Get Rich in Crypto? Avoid These 7 Mistakes
1.Looking to get rich quick:
âą Avoid FOMO and invest with a long-term perspective.
âą Diversify your investments across different cryptocurrencies to reduce risk.
âą Educate yourself about the projects you invest in, donât just follow hype blindly.
2. Copy-trading âinfluencersâ:
âą Use influencersâ insights as a reference, but always do your own research before investing.
âą Understand that influencers might have different risk tolerances or financial goals than you.
3. Trying to time the market:
âą Dollar-cost average your investments to mitigate the impact of market volatility.
âą Set stop-loss to protect your gains and limit potential losses.
âą Take advantage of bear markets to accumulate assets at potentially discounted prices.
4. Going up the ârisk-curveâ:
âą Slowly increase exposure to higher-risk assets based on your experience.
âą Avoid allocating a significant portion of your portfolio to highly speculative or unknown tokens.
âą Keep a balanced portfolio with a mix of low, medium, and higher-risk assets.
5. Laziness:
âą Don't miss opportunities from airdrops, trends, and narratives; actively participate and leverage potential gains.
âą Avoid laziness and take the time to research and analyze data before making investment decisions.
âą Stay informed about the latest news and developments in the crypto space.
6. Not taking profit:
âą Set clear profit-taking targets based on your financial goals and risk tolerance.
âą Reinvest a portion of your profits into more stable assets to diversify and preserve wealth.
âą Avoid being too greedy and recognize that markets can be unpredictable.
7. Unhinged biases:
âą Stay open-minded and be willing to change your views based on new information.
âą Avoid investing based solely on emotions or attachment to a particular project.
I have poured considerable effort into providing you with valuable insights on this topic. If you found this information helpful, I encourage you to follow and support my work.
Story Protocol is revolutionizing IP creation, governance, and licensing on-chain, introducing an ecosystem of "story legos" that can be remixed and composed.
Just yesterday, they launched their first public testnet, Story Iliad, along with the debut of the first-ever IP Asset mint.
Story Protocol has raised $140M from @a16zcrypto, Polychain Capital and others.
Story Protocol recently launched their testnet, giving you an opportunity to participate in this early-stage project! With substantial investments from leading funds, there's a strong likelihood of an airdrop, so the sooner you get involved, the better!
AIRDROP PLAN :
1/ Story Faucet
âą Go to https://faucet.story.foundation âą Complete Captcha âą Enter your Metamask address âą Click on "Claim 10 $IP on Story Iliad'"
2/ Mint IP Asset âą Go to mint.story.foundation âą Connect your Wallet âą Comple social tasks âą Click on "Mint IP Asset" and confirm transaction
3/ Sepolia Faucet âą Go to: faucets.chain.link or sepolia-faucet.pk910.de âą Enter your Metamask address âą Request test tokens
4/ Mint NFT in Testnet âą Go to: explorer.story.foundation/register âą Connect your Metamask âą Select "Sepolia" network âą Click "Mint an NFT" button
5/ IP ID âą Click on "Read ID IP" âą Paste in: 0x0f00a58A741aD6C9DFb549e8B0aad1e9bC48D9f1 âą Paste NFT ID (check it in the transaction info) âą Click "Get IP ID" âą Confirm the transaction
6/ Register IP âą Go to: play.story.foundation âą Connect your Metamask âą Verify your email âą Go to the "Register IP" tab âą Click on "Create new IP" âą Enter a name, upload an image âą Click on "Mint With Register"
7/ Get Reverse Role âą Go to: discord .com/invite/storyprotocol âą Join The Discord âą Go to the announcement channel âą React to the post with an Uno Card
8/ Get IP Role âą Complete all social tasks bot.story.foundation âą More information about roles can be found on the faq channel
9/ Get OG Role âą Become genuine, active community members. âą Create arts, memes ... Follow me for more alpha threads, latest airdrops, my trades, charts & calls, industry news & whale wallet tracking.
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Crypto Market Analysis 2024: ETFs Create Opportunities for Diverse Digital Assets
Todd Groth, CoinDesk Indices Head of Research, anticipates that with the imminent debut of a spot Bitcoin ETF in Q1 2024, the broader crypto market is maturing.In retrospect, 2023 marked a clear shift for the emerging asset class. The upheaval of positioning, leverage, and speculative excesses from the preceding market cycle in 2022 laid the groundwork for the next cycle to unfold in 2023. What endures is a market characterized by enhanced interoperability among protocols and projects, with builders and market participants now focusing on catering to regulated institutional investors, emphasizing increased real-world utility.Notably, established crypto exchanges like FTX and Binance witnessed leadership changes, while regulated players such as Coinbase, Bullish (now CoinDesk's owner), and EDX took the lead. Concurrently, traditional futures exchanges like CME experienced growing volumes in bitcoin and ether-linked futures contracts, surpassing Binance in bitcoin futures open interest.Renewed efforts in the U.S. to list spot token ETFs were notable, particularly with BlackRock surprising the market by applying to the SEC in June. This institutional push supported the demand for bitcoin as both a tangible asset and a hedge against currency debasement, particularly in a financial system saturated with fiat liquidity and supportive stimulus. This strengthened the broader adoption narrative for digital assets.In 2023, digital assets experienced reduced correlations with macroeconomics, operating independently from US equities and gold. Despite this, overall realized volatility remained lower. Notably, Ether's volatility aligned closely with Bitcoin, deviating from the historical norm, and Bitcoin's volatility approached levels akin to single-stock volatility, aligning more with traditional assets.These developments collectively signify the maturation of the crypto market, marking a shift towards an institutional landscape. The ongoing transition and expansion of the ecosystem to include more traditional, regulated market participants are anticipated to be central to the narrative of the upcoming market cycle.Anticipated Trends in 2024In 2024, the crypto market is poised to mature further, particularly with institutional investors. Bitcoin and Ether exhibit robust performance amid a U.S. interest rate hike cycle's conclusion and detachment from short-term macro risks, portraying them as distinctive real assets akin to gold and oil. The anticipated launch of a spot Bitcoin ETF in Q1 2024 is expected to channel significant capital into the asset class, providing a regulated avenue. The evident demand for these assets is highlighted by the notable performance of Coinbase and MicroStrategy stocks in 2023, surpassing Bitcoin's growth.Newly launched ETFs aim to facilitate broader investor participation, including Registered Investment Advisors (RIAs), pension funds, and hedge funds. This influx of capital, potentially $1 to $2.5 trillion from RIAs alone, could be channeled into the crypto ecosystem, particularly benefiting Bitcoin and Ether. In case of a U.S. economic downturn in late 2024, digital assets are poised to benefit from anticipated stimulus measures, with Smart Contract Platform, DeFi, and Computing tokens expected to outperform. While a recession and interest rate cut may create favorable conditions, careful position sizing and portfolio construction are crucial in 2024, emphasizing the importance of CoinDesk's Bitcoin and Ether Trend Indicators. Investors can opt for regulated ETFs for passive exposure or consider diversified indices with limits on Bitcoin and Ether exposure for those seeking exposure to smaller tokens and protocols with growth potential.Conclusion:The crypto ecosystem has weathered the challenges of the crypto winter, emerging stronger and more resilient. Shifts in market dynamics, regulatory adjustments, and increased institutional involvement mark a maturation process, setting the stage for a promising 2024.The launch of spot Bitcoin ETFs and leadership changes in major exchanges showcase a market not only recovering but evolving with newfound strength. Reduced correlation with traditional macroeconomic factors underlines adaptability.This resilience, coupled with broader narratives portraying digital assets as comparable to gold and oil and their appeal to institutional investors, contributes to a positive market outlook. As we step into 2024, the crypto ecosystem is well-positioned for opportunities, having learned from past challenges and anticipating a robust and resilient market cycle ahead.
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Get a quick grasp of the crypto market through a straightforward summary including:
âą Market analysis
âą 24-hour market stats
âą Major news
đ Analysis:
$BTC is currently working to maintain its position within a range following some market manipulation.
While $BTC faced a substantial drop to $25,000 after months of trading around $30,000, the recent resurgence to the $27,000 range following Grayscaleâs legal victory underscores the marketâs potential for swift shifts.
The connection between the marketâs recent pump and the Grayscale-SEC lawsuit outcome indicates the influence of regulatory developments on crypto valuations. This suggests that news-driven volatility could persist in the short term.
The area within the green box on the chart appears promising for considering long positions.
đ° Noteworthy News:
âą There are 7 upcoming deadlines for $BTC ETF approvals.
âą Bloomberg analysts have increased the likelihood of spot $BTC ETF approval to 75% within this year.
âą The supply of Paypal's stablecoin #PYUSD has surged by over 60% in just a month.
âą Binance plans to discontinue support for $BUSD by 2024.
Candlestick patterns are a visual representation of price movements in financial markets, commonly used in technical analysis. They consist of one or more candlesticks on a price chart, each showing the open, close, high, and low prices of a specific time period. These patterns help traders and analysts identify potential trends and reversals in market prices based on the shapes and formations of the candlesticks. Some of the best candle stick patterns to know are :-
1. Dragonfly Doji: A candlestick with a long lower shadow and no upper shadow, indicating potential trend reversal after a downtrend.
2. Gravestone Doji: A candlestick with a long upper shadow and no lower shadow, suggesting a possible trend reversal after an uptrend.
3. Bullish Harami: A small candlestick followed by a larger one, indicating a potential bullish reversal after a downtrend.
4. Morning Doji Star: A three-candle pattern with a doji between a long bearish candle and a long bullish candle, signaling a potential bullish reversal.
5. Bearish Harami: A small candlestick followed by a larger one, suggesting a potential bearish reversal after an uptrend.
6. Evening Doji Star: A three-candle pattern with a doji between a long bullish candle and a long bearish candle, indicating a potential bearish reversal.
7. Inverted Hammer: A candlestick with a long upper shadow and a small real body at the lower end, indicating potential bullish reversal.
8. Piercing Line: A two-candle pattern with a bullish candle following a bearish one, suggesting a potential bullish reversal.
9. Three White Soldiers: Three consecutive long bullish candles, signaling a potential bullish continuation.
10. Hanging Man: A small bearish candlestick with a long lower shadow, suggesting a potential bearish reversal.
11. Dark Cloud Cover: A bearish candle following a bullish one, often with a significant upper shadow, indicating a potential bearish reversal.
12. Three Black Crows: Three consecutive long bearish candles, signaling a potential bearish continuation.
Remember that these patterns provide insights into potential price movements, but they should be used in conjunction with other technical analysis tools and indicators for better accuracy in trading decisions.
âą Market Cap: $50.9M âą ATH: $0.78 - 50x potential? âą Empowering the adoption and strength of the Tor network âą Advanced on-chain incentives for Tor relays âą Revolutionizing secure network relay protocols with hardware products
2) $WOO - WOO NETWORK
âą M Cap: $308M âą ATH: $2.48 - potential 10x? âą Deep liquidity for superior order execution âą Bridging the gap between DeFi and CeFi âą Zero-fee trading, deep liquidity, and powerful toolsïżŒ
3) $FET - FETCH AI
âą M Cap: $174M âą Circ. Supply: 71% âą ATH : $1.19 - Easy 20x? âą AI-driven blockchain designed for complex problem-solving âą Key features: Smart Contracts, Autonomous Economic Agents, and Machine Learning âą Revolutionizing industries with AI and blockchain synergy