Cryptocurrency Prices Plummet: What Should You Do?
The Federal Reserve's plans to aggressively hike interest rates this year in an effort to curb soaring inflation has slammed stocks, with the S&P 500 falling 18% this year. High-growth tech stocks have gotten crushed as investors flock to more conservative investments and away from riskier ones.
Unsurprisingly, the cryptocurrency market, the riskiest asset class there is, has been getting hammered. Since hitting a peak market cap of nearly $3 trillion in November last year, the entire sector is now worth less than $900 billion. And many crypto-focused businesses are struggling and even failing.
It's definitely a scary time for investors, seeing their portfolios plummet. However, remaining calm and keeping a long-term mindset is the best course of action.
Source Fool.com