FUD and FOMO in Crypto Space.. How do you deal ?
Hello Everyone
Both words that I have mentioned in the subject are known to us since we are part of the crypto space. We keep on getting such things quite frequently in the market and people who are experienced in the crypto industry then don't get panic and do things at their convenience and pace.
FUD (Fear, uncertainty, and doubt): -
Fear uncertainty and doubt is something that's created in the market when there is bad news from any country institution or anything that can affect the price of Bitcoin or cryptocurrency. if I need to give an example then currently India is going through the similarity stays and Ford is going on because as per the news Indian government is working on the bill to ban crypto in the country. every day we can see some updates by the mainstream media along with YouTubers however there is no official confirmation by the government yet.
src Because of this situation, last week's price of USD was quiet down and being a stable coin, it's not expected to have a drop of almost 20% can USDT but it happened. although there was no change find USDT price in the international market because of this situation and it was happening only in Indian exchanges because it seems many Indian users started panic selling.
FUD can occur as a result of legitimate concern, simple misunderstandings, manipulation of sentiment via media, or numerous other ways.
FOMO (Fear of missing out):-
This is another situation when many crypto juniors either ignore all do not show much interest to buy any coin when it's quiet down with its price and later when it starts growing and it catches their attention. Many times, because of here up missing out on something great in the market knew users usually buy coins at a higher price,s and because of this they had to either face loss or have to hold it for a long time. Right now Bitcoin is trading at a price of over 46,000 US dollars and maybe many users will be in a zone that they missed the train and they should join it now. Obviously looking at the interest and demand of Bitcoin it can go even higher but for a small trader and investor, it's highly risky to buy Bitcoin at this price especially when such use is not capable to hold it for the long term.
FOMO, it’s almost as simple as the opposite of FUD, someone or something builds up your anticipation of a coin or tokens value so much that you are willing to pay over the market price to be sure that you’ll be able to grab a portion of that asset before its value is (inevitably, in the mind of a FOMO’er) bound for the moon.
When I was new in the crypto market that time I did some trades because of FUD and FOMO but now I have seen a lot of it and I do things at my own pace. I don't get panic and even the current situation in India is not making me feel worried because I am confident that there would be some way out even it gets banned. I am not going to sell anything because of this FUD and keep an eye on the movement.
Thank you so much.
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