I recently invested some money to buy steem but as the steem price has dropped, my investment also suffered a loss. I am new to this platform and have suffered a loss but I am not hopeless. I think steem and other cryptocurrencies prices very much depends on bitcoin price. Once, bitcoin drops, everyone follows it, when it rises, others rises also. Even, big whales and bidbots are also powering down. Perhaps they are thinking that steem price may go down further. It may be a good chance for the new buyers like me but it also may prove a bad decision as nobody knows how far the steem and other crypto prices will drop.
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Yes, you are correct. Steem must follow the crypo-space for now.
Your investment is sound as long as you do not sell it. Just keep purchasing small amounts as you can. I expect a continued price drop until at least .85 USD
Today Indian Central Bank 'RBI' has barred regulated entities from providing services to any individual or business dealing in digital currencies. It means, from now, cryptocurrencies are not legal in India. So, a big market, like India is deprived of investing in cryptos. This is a matter of grave concern for the Indian crypto lovers.
Wow, that really could be quite a knock out for a lot of Indians and the space for a while.
No bank will be able to have any long term effect on crypto, as people WILL find ways around it and the end result will be RBI loosing more and more influence, but short term, it is a blow.
Thanks for the update.
Let's see what happens!
I have posted an article just a minutes before replying to you. In that article I have provided the latest update.
Just remember, it's only a loss if you actually cash out. Paper losses don't mean much if you're in it for the long haul.