One lesson to take away from this year’s price movements is that cryptocurrency is a volatile market. NextAdvisor breaks down the major swings the market has seen: in April, the price of Bitcoin broke $60,000 before falling to under $30,000 two months later. Bitcoin’s value has since climbed back up to $57,000 in mid-October.
Unless your strategy is to buy and hold, such a volatile market requires traders to keep a careful watch for trends and here’s how you can stay updated:
Read crypto-focused blogs
Crypto-focused blogs and news sites are a wealth of information for those seeking current events and trading advice. Here on ICOschock, you’ll find how-to guides, press releases from crypto movers, and the latest happenings in the market. All are poised to help the average investor and trader make informed decisions.
Other blogs and sites that might be worth subscribing to are CoinDesk, CryptoPotato, and Bitcoin News.
Explore crypto exchanges and sites
That said, it’s not enough to get your information from a blog. You can go to the source and read through news and updates from crypto exchanges and the crypto’s site itself.
For instance, you can visit Cardano’s website to read up on new developments on their blockchain platform. Cardano recently announced a partnership with Chainlink to build smart contracts, which could affect the prices of ADA and LINK. It’s one example of information you can get from a crypto’s main site, which could shift trends and influence a coin’s value.
Follow news outlets
Cryptocurrency doesn’t live in a bubble, so there’s a lot of value in reading through general or finance news. Look at how the pandemic triggered a global stock market crash and poured investments into gold and cryptocurrency. More recently, news of the China Evergrande Group’s bankruptcy caused significant panic and fear with regards to another possible global recession, similar to the series of market crashes in 2008. Equity markets slowed down in September and, naturally, cryptocurrency followed.
General news sites like CNBC and more finance-focused sites like MarketWatch and Reuters are reliable sources when it comes to breaking news that matter in the crypto space.
Listen to podcasts
An alternative to reading the news is listening to the news, which you can now do via podcasts. In a recent article on AskMoney, they list cryptocurrency-focused podcasts that can be a useful listen for traders and investors. One example is Unchained, hosted by former Forbes senior editor Laura Shin, which covers cryptocurrency trends and technology as they evolve.
Meanwhile, Nathaniel Whittemore’s The Breakdown provides crypto analysis and guest insights from influential names in the crypto, economic, and geopolitical spheres. And if you want to learn more about blockchain technology, give Life in the Fast Chain and The Blockchain Show a try.
Subscribe to YouTube channels If you’re more of a visual learner, consider subscribing to crypto YouTube channels. FXStreet compiled a list of social media influencers in the crypto space, which include names like Andreas M. Anthony, Anthony Pompliano, Vays Tone, and Tech Ivan. All regularly update their YouTube channels with content that ranges from trend analysis to interviews to debates.
Follow Twitter influencers
Elon Musk‘s tweets on crypto are an indication of the power industry leaders have on starting or disrupting trends. In June, the co-founder and CEO of Tesla announced that the company will no longer accept Bitcoin as payment, which immediately led to a crash in the price of crypto. Musk also drove up the price of Dogecoin in May after announcing on Twitter that he was working with the coin’s developers.
That said, the controversial entrepreneur is not the only person who talks about crypto on Twitter. Any industry leader who can influence the market will be worth a follow, such as crypto founders, business magnates, politicians, and social media influencers.
It is challenging to keep up with the fast-moving cryptocurrency market. You can stay informed on cryptocurrency trends with these online resources, from blogs to podcasts all the way to some standout Twitter accounts.