4 Tips to Successfully Overcome a Crypto Downturn
The crypto bros finally got you to buy in and then the bottom dropped out of the market! What’s a person to do? Put the bleach down. It’s going to be ok! The market has seen volatility before and unfortunately, we’re going through it again. The good news is, the long term prospects for your crypto casino funds are good.
Just like any asset class, if you can weather the storms, you’ll be ok over the years. The worst thing you can do is freak out when prices crash and sell. That locks in your losses and leaves you with a negative financial impact that’s totally avoidable. If you’ve been crypto betting with Bitcoin, it’s going to be ok. The key strategy at a time like this is to hunker down, hold your coins (also known as “hodling”), and let diamond hands turn the coal back into gems.
We’re all going to be ok. It’s just going to take some time.
While we wait for crypto values and prices to recover from current instability, there’s a few things to keep in mind. Hold on to these tips, and you’ll be ready to sail through stormy waters and make it to the clear skies beyond.
Tip 1: Exchange your withdrawals quickly
When you’re crypto betting with Bitcoin and you have a great day, you might decide to withdraw your winnings. We love to see Ignition Casino big winners living their best life thanks to a huge score! But if you withdraw Bitcoin and leave it in crypto at all times, you can get hit by volatility.
When you make a withdrawal, take a moment to think about whether you want your funds in crypto form. If you’re looking to use your money, or you think the market is headed in the wrong direction, send them to your crypto exchange wallet ASAP. Then, you can convert them to US dollars or whatever your preferred currency may be. This locks in current crypto prices and shields you from decreases in relative value.
Tip 2: Use multiple crypto methods
Not every currency is created equal at our crypto casino. In fact, the reason many coins exist is because platform creators wanted to improve transaction speeds, lower fees, or improve on leading coins in some other way. Because we understand that players may each have their own preferences, we support a number of cryptocurrencies – not just the big boss Bitcoin.
At the time of this writing, we accept Bitcoin SV, Bitcoin Cash, Litecoin, Ethereum, and USD Tether. We’re always evaluating popular cryptocoins for inclusion on our list. As technology advances, so does Ignition Casino and our players.
There’s two good reasons for diversifying your coins. One is to reduce risk. If one coin is struggling, others may not be hit as hard. This can help you avoid losses.
The second reason is fees. Some coins feature very low fees, and this can help reduce financial issues when a coin is declining in value.
Any good crypto casino offers players options!
Tip 3: Think long term
This is one of the classic pieces of advice with any form of investment. It can be tempting to hang on the news each day as a coin gains or loses value. But if you can’t stay disciplined and are tempted to get in and out over and over, it could hurt your gains. A few more sensible approach is to buy, hodl, and watch as time and the rising tide lifts all boats – including yours!
This can be hard to do, especially when prices are dipping. It can be maddening to ride out a downturn. But think of it this way: one day, prices will probably be back up again, and people will be wishing they could buy in for your low price. No one will be wishing they could sell at your low price.
Crypto crash 2022 may seem like the end of the world, but the reality is, it’s just another section of the price chart.
This too shall pass.
Tip 4: Ignition Casino deposits are US funds
This is one of the magic parts of crypto betting with Bitcoin here. After you deposit your cryptocoin, it immediately is turned into US dollars. You don’t have to worry about crypto prices going up or down. Your money isn’t in crypto when it’s in your account. When you finally withdraw your winnings, that’s when crypto becomes relevant. If you decide to withdraw into a cryptocurrency, keep an eye on the price and value momentum.
The point is: you don’t have to worry about volatility when you’re playing at Ignition. Your deposits are fully sheltered from cryptocurrency price movements.
What caused crypto crash 2022?
The good news is that the current trouble with crypto prices appears to be macroeconomic, as opposed to be an issue with crypto itself. This means that crypto is getting hurt by the same factors hurting all investment classes and the big market indices like the Dow and S&P 500. Inflation is high, the world is still dealing with the fallout of Russia’s war with Ukraine, and we’ve haven’t even fully recovered in a global industrial sense from the pandemic disruptions.
In short: crypto is good, but when all investments are down, crypto is too. People move out of downed investments and prefer to hold cash or something less volatile.
Crypto believers and those with ample funds have already seen the opportunity here. Bitcoin has already made some modest gains in July as buying activity picks up. We won’t be surprised to see other opportunists and bulls driving the price back into positive territory. Hold your coin and watch as a cold market thaws. The spring will come again
What exactly does this dip mean for crypto casinos?
Crypto casino sites like Ignition will continue to support coins as before. We’re not swayed by volatility or the panic of a particular moment in time. Our support for cryptocurrencies continues unwavering, and we expect our players will reap the benefits in due time.
Crypto betting with Bitcoin continues unabated here. Of course, if you prefer to use dollars, we’re happy to work with those as well. It’s really up to each individual player, but we want to make all options available to you.
- Will crypto rise again in the future? While we don’t have a crystal ball, we know that cryptocurrencies have recovered from dips and crashes in the past. We wouldn’t be surprised if they did so in the future.
- Is crypto safe? Your coins won’t get up and walk away. They’ve just decreased in value, for the time being. Also, platforms remain as secure as ever. The technology is solid, but the global market is having a bearish phase across the board, at the moment. Crypto isn’t exempt from that.
- Is now a good time to sell? There’s really no worse time to sell than when an asset has lost a significant amount of value. It locks in losses. If there is reason to think the value could recover, it’s often best to simply be patient and hold.
- What should I do with down crypto? Nothing at all! Give the value time to recover.