Crypto winter is here, but it won’t last forever. While most investors and traders are busy licking their wounds from the latest drawdown, those who sat in cash, were patient or missed the initial crypto rally now have a chance of a lifetime.
There is no telling when the bear market will end, so it is imperative to rely on tools that provide flexibility and control over both directions of the market. Here is why now is the time to try PrimeXBT trading tools and more about how to survive the crypto winter.
Recapping The Ongoing Deep Freeze In Crypto
Bitcoin price is shockingly at $20,000. No, this isn’t a flashback to 2017 — this is 2022, and the cryptocurrency is trading at prices from five years ago. Those who had wished they had a time machine and could have bought Bitcoin back at $20,000 now have their chance. Those bullish on BTC have the opportunity to stack more sats.
The collapse was the result of broader crypto industry contagion. As soon as the price of cryptocurrencies breached a certain level, a cascade of liquidations and margin calls pushed prices much lower than expected. The domino effect began when the UST stablecoin depegged from the dollar, and the price of LUNA went to nearly zero.
Crypto hedge fund Three Arrows Capital had significant, overleveraged positions with lenders like Celsius, Voyager, and BlockFi, which caused a further spillover impact on these businesses. Many of the names mentioned are on their way to being insolvent or have already filed for bankruptcy. Others are potentially still at risk. Thousands of users have lost their funds due to frozen withdrawals, further adding to the panic in the market.
How PrimeXBT Helped Users Survive The Past Crypto Winter
All this volatility is awful for crypto holders and investors who require the powerful, only up bull trends crypto provides to make money. For traders, however, volatility means more opportunity to make money from the wild price swings that happen intraday and across longer timeframes.
This is where PrimeXBT tools make a world of difference. Rather than being stuck holding the bag when crypto turns dangerous, traders can use long and short positions to stay exposed to crypto profits in both directions of the market while having the flexibility to manage risk and exit positions at will.
PrimeXBT was launched during the last crypto winter in 2018 and helped many traders weather the storm. During sideways crypto trends, traders on the platform also can access traditional assets like gold, oil, forex currencies, and more using the same platform.
How PrimeXBT Can Prepare You For Crypto Spring
Much like after the snow begins to melt and flowers begin to come up again, crypto winter will eventually lead to crypto springing back to life in a shocking way. When cryptocurrencies like Bitcoin and Ethereum come alive, they rally 300-1000% in a short amount of time. With PrimeXBT, you can be well prepared for when the time comes.
In addition to the advanced trading tools, the PrimeXBT Trading Academy is an educational website offered by the rapidly growing brand. The Trading Academy is filled with dozens of videos of trading strategies, platform tutorials, market updates, lessons, and much more. All training materials are created by expert trader Dirk Hartig, who has over 20 years of experience trading stocks, commodities, forex, and crypto.
Using the knowledge imparted from Hartig, users can compete to win crypto rewards using PrimeXBT Contests. PrimeXBT Contests is a venue for weekly trading competitions and huge prizes. Users compete using risk-free virtual funds, which also means the simulated market environment provides a safe place to learn to trade or backtest trading strategies. The platform just launched its Bug Bounty Contest with a $100,000 prize pool.
All The Ways PrimeXBT Arms Traders With Advanced Tools
Another possible way that users of the platform can survive the crypto winter is by building the right portfolio of uncorrelated assets. For example, many forex currency pairs perform counter to cryptocurrency price action. Oil is also uncorrelated, for instance. PrimeXBT provides exposure to more than 100 different trading instruments under one roof.
There are also many innovative products and services offered on the same platform. The Covesting copy trading module is an essential competitive advantage that lets followers copy the trades of strategy managers who regularly show success within a global leaderboard ranking system.
PrimeXBT also offers passive investing through yield accounts, a four-level referral program, and a free mobile app, and lets newcomers buy crypto in only a few steps. The platform has all the alternatives and the arsenal necessary to get through crypto winter and be ready for when spring returns. Join now!