Hurriyet.com.tr Economy Service
Kraken, one of the world’s leading cryptocurrency exchanges, has decided not to operate in Japan.
Every day, a problem is witnessed in the crypto money markets, which are having a hard time. While giant cryptocurrency exchanges are sinking, some are downsizing their fields of activity.
Although analysts did not accept it for the last 1 year, those who invested in cryptocurrencies, which could not get out of the bear market, headed for a big loss. While their money melted in the face of inflation, cryptocurrencies did not make a premium.
The US cryptocurrency exchange Kraken has also taken new action. Kraken will end its operations in Japan as of January 31, 2023, and will be deregistered from the Japan Financial Services Agency (JFSA).
CONFIDENCE IS A PROBLEM
Investors who turned to crypto money with the guidance of analysts who had no authority and knowledge in small rises began to withdraw their money when they were constantly losing.
bitcoin While it could not even come close to its historical peak for over a year, the declines continued.
Bitcoin has been 16500 for a while dollar levels tended to stabilize. Ethereum It also finds buyers at the level of 1200 dollars. In the face of global inflation, those who invested in crypto money suffered great losses.
FTX, the third largest cryptocurrency exchange in terms of trading volume, went bankrupt. The company filed for bankruptcy. The CEO of the company, Sam Bankman-Fried, resigned and left the company. He was subsequently arrested and released on bail.
LIQUIDITY IS ENDED
Lack of liquidity brought the end of FTX. FTX, which was expected to survive with Binance’s announcement that it would buy, went into bankruptcy after Binance gave up on the purchase.
ATTENTION WHEN INVESTING CRYPTO!
There is no regulation on crypto money in our country. The situation is not different in other countries of the world. It is necessary to be very careful when investing in foreign or domestic cryptocurrency exchanges. After cryptocurrency transactions are made, cryptocurrencies should be kept in cold wallets, not exchanges. Thus, even if the cryptocurrency exchange goes bankrupt, the crypto assets in your wallet are not affected by this event.
In addition, since there is no margin gap in cryptocurrencies, your money can be folded and reset in an instant. To reduce this risk, you need to constantly determine the stop loss point and enter sell orders for the stop points every day.
DON’T BELIEVE THE ADVICE OF EXPERT, ANALYST, COMMENTARY
Besides cryptocurrency People who introduce themselves as experts, analysts, commentators, shoot videos and tweet should not be respected. These people are either employees of a crypto exchange or those who make positive comments to increase investments in crypto assets that they hold. Cryptocurrency exchange employees can make inappropriate recommendations and enroll their investors so that companies can receive commissions. Since they do not have any licenses by the state in crypto money, their comments are not binding, and this poses a danger due to its uncontrolled nature. When we look at the analyzes and comments made in the last year, it is clearly seen how empty the evaluations made by the so-called experts and analysts are. When investing in crypto money, it is necessary to take all kinds of risks and make controlled transactions.