To the Niubiswap Community
Safe to say we can start off with WOW! What a wild week it has been in crypto altogether!
The wild week that was started with a successful Niubiswap migration over to the new v2 contracts required to stay updated and continue to provide competitive and high percentage yield farming capabilities. In addition, we’ve also decided to push back our scheduled contract audits for the time being. Plans to get our new v2 contracts audited is a priority, and we will be providing updates on this. There were no issues with the launch of v2 as well, so we consider this a solid achievement. Everyone was able to migrate smoothly. Go Team NIU!
While this is very exciting news and we are extremely happy to have this migration finally under our belt, the recent market conditions have sent several signals that sent the market to the lowest its seen since February. Bitcoin and most other alt coins are down anywhere between 40–80%. In a dump reminiscent to the massive crash in 2018 and even 2020, there’s a few key elements playing into this dip:
- China reiterated its commitment to disruption in the cryptocurrency mining industry, especially in China
- Elon Musk had choice words for Bitcoins energy consumption, even going as far as canceling Tesla Bitcoin payments
The cryptocurrency market has been at all time highs that many of us thought we wouldn’t ever see. When markets fluctuate and dump in this manner, there are usually reasons. The elements listed above all had a large factor not only in Bitcoins prices, but also Niubiswaps price, as all of crypto follows the market sentiment of the dominant force in the market; Bitcoin.
With that being said, many of us are hurting and reeling from this dip. Always keep in mind that traders and holders should never risk mode than they should lose and should remember to take profit whenever reasonable for your investment strategy or portfolio.
The recent market conditions are a firm reminder that holders of any tokens, including NIU, should have a solid plan in place regarding their cryptocurrency and what they want to allocate to their growing portfolio. Remember that cryptocurrency is a very young and volatile market. Never allocate what you can’t afford to lose, and as always, stay safe, and good luck trading!
