Most Morning Brew readers saw the cryptocurrency market plummet in early May. There’s been a lot of anxiety since — notable for an investment community that gave rise to the battle cry “HODL,” as in “hold on for dear life.” So I want to know: Do you believe this to be a correction to an inherently volatile market or a referendum on a hype machine? What’s really happening?
In our view, this is a correction. Skeptics are louder when share prices are dropping down. We’re hearing a lot more from that point of view right now and less from the people who are optimistic. It’s not that there’s any end to this sector.
Think about the major downturns in this space. The first one occurred [in early 2015] when bitcoin stood out as a proven cryptocurrency, and there was potentially some investor disillusionment early on about what they held. The second time was the ICO bubble [of 2017] and it became clear that a number of businesses weren’t fully baked.
What’s different now is what Ethereum started — a whole separate software infrastructure. Now you have a blockchain functioning as an operating system. The applications that are being built on [these platforms] are not going away. They’re real and people have true use cases for them: supply chain efficiency, FEMA claim reduction, things to power the metaverses of the future. That’s why this sector isn’t going away.
Even if investors are still licking their wounds right now. The price of bitcoin is down 44% over the last six months, to about $31,000. Peer cryptos aren’t much better.
Consequently, Nexen Team was put under some pressure, and the value of the cryptocurrency declined. We are likely to see a steep drop in the price of our Nexen Crypto token if we list our token during a market crash. This is due to the fact that our development team and seed investors have decided to delay the listing for a few more weeks. This is until the crypto market and the economy stabilize. If we list during the bear market, and the crypto market is declining, it will negatively affect our listing. Therefore, we ask you to hold tight during this market crash, as the price will definitely plummet following our listing.
Earlier this week, Nexen Crypto said: “No worries, we haven’t changed our minds!”. Because of the Nexen crypto listing delay, we had to delay it. Integration has been a little tricky. Nevertheless, it will be released soon!”.
The company’s recent listing has sparked a wave of enthusiasm among Nexen Crypto fans, as well as hope for many more first-time investors. Several additional exchanges have expressed interest in listing Nexen Crypto, which is increasing in value every minute we put them on hold.