The Cryptocurrency Market Has Become a Casino

Crypto trading has always entailed a blend of skill and good fortune, but in the frothy markets of 2019, that weighting is skewed heavily in favor of the latter. Fundamentals go out the window when there’s a surety that the latest token is going to pump at any moment. For traders with a low timeframe patience, bitcoin will always be the safer and more profitable bet. But when your friends are getting fleetingly rich on altcoins, the temptation to FOMO in can prove irresistible.

Also read: US Copyright Office Responds to Craig Wright’s Bitcoin Registrations

Traders Are Betting Big and Losing Large at the Crypto Casino

In the drawdown that followed the excesses of 2017, traders were taught a sobering lesson. Despite vowing to change their ways, stop being greedy, and learn to take profits along the way, it appears that old habits die hard. It was a little more than two months ago that BTC broke free of the $4,000 price point it had been locked into, embarking on a mazy run that’s seen it double in price…

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