About your author: CryptoQuestion is an independent platform providing free resources for the cryptocurrency investor. From an on-demand Q&A service to our new Cryptocurrency Bootcamp, from books to our Micro Cap Watch List. Visit us at www.cryptoquestion.tech
February was a crazy month in the world of cryptocurrency. Mainstream investors piled into cryptocurrency sending prices in many of the major currencies to all time highs. Bitcoin surpassed $50k (reaching an all time high of $57,000) and Ethereum exceeded $2,000. Cardano and Binance Coin became the number three and fourth ranked coins pushing Stellar’s XRP further down the market cap rankings. The market suffered a correction at the end of February which had the effect of bringing out a few of the bitcoin naysayers but we believe this is a temporary setback.
With all this madness there was a huge influx of new people to communities on Discord, Reddit and Telegram. That has been both good and bad. Good because there is lots of new content and ideas circulating, bad because many investors are making investment decisions based on zero knowledge and zero research. Instead they are following the crowd. That is a sure fire way to lose money as many have found out to their cost.
What many have forgotten is that these ‘pump’ schemes are in fact pump and dump scams with the dumping orchestrated by a few key players who make a fortune whilst the average person involved lose out. Below is a scam alert which we ran recently. Please be very careful in this market. Do your own research and make your own decisions.
Pump and Dump scams are rampant. Beware of @Telegraph groups ‘ Wall Street Bets — Pumps’ and ‘We Pump Today’
This morning one investor lost $19k in 3 minutes to these scammers.
In terms of making your own decision and doing your own research we have launched a number of free resources over the last month.