Times have changed, gone are the days when anyone could invest in Bitcoin and count profits a few weeks later. It might sound a bit cynical if we said that, BTC was always manipulated in terms of price. That BTC was perpetually pumped is well known, it is just that no one really had cryptocurrency options to invest in.
There was a time when big volume Bitcoin investors, would initiate a pump directly or through paid crypto media portals. Thousands of crypto enthusiasts would believe these ‘reputed’, publishers. A Bitcoin buying tempo would build up, the price of the crypto would rise. Selling would begin at some point, the price would then climb down. The whole process would start and play out over and over again. The organized price manipulation was executed very well, the focus was on making the whole narrative sound real!
An unfortunate incident in April-May 2021, shook the confidence of Bitcoin investors – thousands exited BTC but a large number continued to hope that, things would improve. Without getting into minute details of this unfortunate incident, let us recap the sequence of events. One single Bitcoin investor with a big holding of the crypto, dumped a big chunk of BTC. In a few hours that followed, Bitcoin slumped and pulled the crypto market along with it. Crypto investors started selling, exchanges were clogged with transactions waiting to be processed. A huge number of small and medium sized investors, were caught unawares and lost their hard earned money. That was the breaking point, a large number of BTC investors realized that they were being taken for a ride. Analysts could no longer hide the fact that, crypto markets that were almost totally dominated by a few cryptocurrencies – were extremely fragile.
Faith in the opinions of analysts and experts, dropped to an all time low. Bitcoin lost a large chunk of investors, who never ever came back. From this point onwards, attempts to pump Bitcoin price levels, started to lose steam. That trend continues to today, investors have become cautious and are unwilling to believe anything, that sounds too good to be true! This has become apparent on a number of occasions and continues to do so.
Saying that Bitcoin lost thousands of investors does not mean that, only a handful remain. We do have a number of investors still harboring dreams that, they could soon become rich the moment BTC reaches sky high price levels. And you will always have inexperienced crypto investors, looking at the high price of Bitcoin and presuming that, it is the best – in terms of ROI! What remains constant is that, investors remain stressed – high expectations can do that to humans.
Will not make an attempt to promote Glitzkoin GTN here but, will offer some suggestions to moderate Bitcoin risks and disappointments. To begin with, do not blindly follow what you hear or read – this applies to our report too. Make your own assessment, calculate your risk bearing capacity and move ahead. Remember that there are a number of Altcoins with good potential, research some good ones and spread your funds. Keep in mind that Bitcoin, ETH and XRP (22 Mar 2022) are actively pumped. We also have situations where DogeCoin is over enthusiastically cheered, by one very wealthy investor. This is not an exhaustive list and things keep changing, stay updated with market moves.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.