The community shares a game plan for the bear market

by · July 7, 2022

Crypto-newcomers are uneasy about deciding on the next move as the market becomes unpredictable. Because of this, members of the crypto community handed out their advice to those who were trying to navigate through the cold crypto winter.

In a Twitter thread, nonfungible token (NFT) collects and trades Krissyos highlighted the importance of having a survival mindset during this time. According to the NFT collector, cryptocurrencies and NFTs will “soar in the future.” However, Krissyos believes that many current projects will have to fail.

Because of this, the trader noted that the top priority must be to determine one’s risk tolerance, or the amount you are willing to lose, and the average dollar cost, which “limits your potential upside to reduce possible losses.”

Bobby Ong, co-founder of the coin information site CoinGecko, divided that finding new potential projects and trying them out is one of his favorite hobbies. Ong quoted a tweet with a list of upcoming projects and wrote that getting in early is often rewarding.

For long-term Bitcoin (BTC) and Ether (ETH) holders, Ong said that multi-year market fluctuations will not make much of a difference. Ong advised this type of merchants to spend quality time with friends, family and themselves.

On Reddit, user Kuzkokronk stressed the importance of buying Bitcoin during this time. According to them, if community members do not buy BTC at this time, they will regret it “5 years from now.”

Related: Bear market: Some crypto companies are cutting jobs while others are aiming for sustainable growth

Crypto trading platform Gemini recently announced the layoff of around 10% of the company’s employees. In an announcement, the company’s executives cited the “crypto winter” as one of the reasons for the move. On the other hand, the digital asset exchange Coinbase also announced that it will take a breather when hiring and examine the number of employees.

Meanwhile, Sam Bankman-Fried, CEO of FTX Exchange, explained that the company will not freeze employment and will “continue to grow” despite current market conditions. Bankman-Fried noted that they do not want to step down, but rather “continue to push forward.”