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Looking to invest in cryptocurrency during lockdown? Here’s a 10-point guide for

10 months ago
in Beginners
2 min read
Looking to invest in cryptocurrency during lockdown? Here’s a 10-point guide for
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Looking to invest in cryptocurrency in lockdown? Here's a 10-point guide for beginners

At a time when the coronavirus pandemic led the global economy to a recession, cryptocurrencies remained fairly untouched. As an asset, cryptocurrency outperformed stocks, bonds and commodities in this lockdown period. Companies dealing in Blockchain were reportedly doing great working from home. A cryptocurrency is a non-correlated asset class that doesn’t get directly impacted by situations like a pandemic, or due to economic and geopolitical tensions because of its decentralised nature.

On Wednesday, Bitcoin gained to $8,406 for the first time since March amid halving hype, gaining as much as 8.7 per cent, as per Bloomberg. Jumping above $8,000, the largest cryptocurrency entered overbought territory based on the GTI Global Strength Indicator. Bitcoin Cash and Litecoin were up more than 6.5 per cent too. The impact of Covid-19 so close to the halving and Bitcoin’s correlation to equity markets means investors do not see significant surges in price due to the halving (which reduces the number of rewards miners receive).

With Sensex, S&P, French CAC, Dow jones and German DAXX down, Bitcoin is the best performing asset class in the last one year. It is being estimated to reach $15,499 by the end of 2020 almost doubling from the current rate. As a hedge against uncertainty, investing in Bitcoin is good to diversify a portfolio.

Last month, the Supreme Court struck down the curb on cryptocurrency trade in India, lifting the ban on trading in virtual currency and bitcoins. From March 24, when Prime Minister Narendra Modi announced a nation-wide lockdown, most industries took a bit hit but cryptocurrency exchange saw a rise in volumes.

The Reserve Bank of India is yet to come out with a directive and some major banks are yet to allow cryptocurrency trades. As of now, small banks and digital wallets are providing services for crypto trading.

If you are a beginner looking to invest in cryptocurrency during the lockdown here is a guide:

  1. Trading cryptocurrencies works just like trading fiat currencies. It is useful to learn the theory behind trading in crypto. 
  2. The price movement of a cryptocurrency is affected by factors such as utility, supply and demand, mining difficulty and market difficulty, among others. There is significant volatility in the crypto market.
  3. There are multiple exchanges available in India to kickstart cryptocurrency trading. While Bitcoin may be largely available on all platforms, not all cryptocurrencies and available on a particular exchange. Exchanges have their limits of the minimum and maximum amount that can be invested.
  4. Unlike stocks and commodities, cryptocurrency exchanges are open for trade 24×7. They usually take a small percentage as a commission, but that will be cheaper than credit card and bank transfer fees.
  5. To begin trading, investors will have to register their accounts along with required KYC to connect a bank account, debit card, or credit…



Read more:Looking to invest in cryptocurrency during lockdown? Here’s a 10-point guide for

Tags: 10pointbitcoin news todayCryptocurrencyguideHeresinvestlockdown

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