If you’ve been keeping up with the news, you know that the price of the world’s most popular virtual money has spiked a little too high recently. The digital currency that many of us have heard of now has hit a high of $4,100, which is up about 70% on the day. While this is good news for those who use it, this recent surge in price can actually be very dangerous for those who don’t. Here’s why…
Ok, so there was a big blunder in the trading platform of OKEx Froze that caused a sudden drop in the value of its currency. In the short run, this drop of value was good for some people – especially those who used it as a safe haven from the current global economic crisis. However, in the long run, this drop could actually cause many more problems. This is because the currency has already been set on a path for a sharp fall.
It’s hard to blame the loss at OKEx Froze on the trading platform, though – the real problem is in the trading platform itself. There’s a lot of potential for problems with this platform, and many of them are being left unchecked.
The main problem with this platform lies in how easy it is to hack into. As such, when it comes to hacking into the site, the company’s security measures aren’t up to scratch at all.
This is not only true with the security issues at OKEx Froze, but also with the other major exchanges like Mt Gox. Many of the more reliable exchanges have been known to suffer from problems with their trading platforms, and even they have to pay out for these issues.
So, this might not be the best time to jump in and buy into the hype about OKEx Froze, as the price has taken a huge jump in the past 24 hours. However, the price is going to fall back down in the next few days – meaning it’s not a bad idea for anyone who doesn’t want to risk investing too much money. to hold off.
For a serious investor, there’s no need to panic – though there’s plenty of time for profits to come back. For now, it’s best to wait out for the price to fall back down again before jumping into the market.
There are other places where you can invest your money without worrying about the major exchanges falling apart. There are places like the NASDAQ for instance – and I highly recommend this type of investing for anyone who’s not looking to jump into the market at the moment.
Keep in mind that there’s always the chance that the exchange rates won’t go back up again. but I wouldn’t count out this place altogether.