Cryptocurrency players invite each other to ‘delete the app’

“In the past, the first thing I did when I woke up was open my wallet electronic money to see how my money changes” Nguyen Dai, an amateur cryptocurrency player in Hanoi, said.Every day his account often increases and decreases from a few dollars to several tens of dollars, and the investment is 1,000 USD. At the end of last year, there was a time when it was nearly 1,500 USD.

However, for more than a week now, opening a wallet with Dai has become a concern after the account dropped to less than 900 USD. “I thought I was hacked, but looking back at the tokens in my wallet, they are still intact, only they are ‘red’. Previously they increased and decreased insignificantly, but in the past week, they have decreased sharply continuously. “, Dai said.

On the morning of May 10, when he saw that the amount was more than 600 USD, losing nearly a third of its value overnight, he decided to delete the application to not pay attention anymore. “I removed related apps, unfollowed some cryptocurrency groups to avoid psychological influence, and focused on other things,” he said.

Similarly, Le Minh (HCMC) also said that he had just deleted all cryptocurrency applications on his phone. Last week, when the cryptocurrency fell in price, he decided to sell some tokens with little potential, adding a few hundred dollars more idle to “catch the bottom”. Bitcoin. However, after a few days, Bitcoin and the series of tokens in his portfolio decreased, while the “low-potential” token he had previously sold increased.

Minh calls it the wrong decision and thinks deleting the app will help reduce such hasty decisions.

“If I still keep the application, I am afraid I will regret that ‘bottom-fishing’ miss and continue to spend more money to DCA without knowing when it will be profitable,” he said. DCA is a “price averaging” investment strategy, meaning that players will buy tokens at many different prices in order to reduce the loss rate if the digital currency drops in price, thereby increasing the possibility of profit. However, this method requires them to have additional capital continuously or split the investment from the beginning.

“The market is volatile, the best way for inexperienced people like me is probably to do nothing and forget about this money,” Minh said. “After a few months of reopening, they will not regret it if they reach 0, but if they increase, it will be a gift.”

On crypto investment groups, “delete the app” became a buzzword as the way to get through the big price drop. According to data on CoinMarketCap, the capitalization of the cryptocurrency market on May 5 was $ 1.8 trillion, but is now more than $ 1.4 trillion. The prices of most cryptocurrencies have plummeted, with Bitcoin at one point falling below $30,000, down 5% on May 9 and more than 18% in the past week.

“Warning: Delete the app on your phone immediately if you don’t want to lose your money,” one member posted on the crypto game group, with photos of a variety of wallet applications and exchanges such as Binance, FTX, MetaMask. On a cryptocurrency trading community in Vietnam, when a member asked “what to do in the current market situation”. One of the responses she received the most was “delete the app”.

Hoang Nam, a long-time crypto investor, said the move often happens when the market is unstable. Many people do not want to enter the application to view accounts or transactions, so it is called “deleting app”.

“New entrants are often susceptible to FOMO. When the market falls, they can panic, leading to hasty actions such as putting more money to ‘bottom’, or selling ‘stop loss’ to the crowd without doing any research. Literally deleting the app can reduce such decisions somewhat,” he said.

However, according to this person, the above method is only a temporary solution, because most of the cryptocurrency storage and transaction platforms can be accessed in many different ways such as via smartphone applications and websites. “The best way is for users to practice a strong mentality when playing cryptocurrencies, because this is a market that often has strong fluctuations. A down market is also an opportunity for them to gain more experience and equip more. investment knowledge,” he said.

This expert also recommends that if users decide not to trade for a long time, they need to carefully protect their accounts and store login information to avoid being hacked or forgotten, leading to account loss.

Recently, applications and websites related to cryptocurrencies have received millions of visits per month in Vietnam. In the category of financial websites, 3/5 websites with the most traffic are cryptocurrency-related sites such as Tradingview, Coinmarketcap, and Binance, with traffic from 4 to 6 million. The Binance exchange app is in the top 20 most downloaded financial apps on both the App Store and Play Store.

Luu Quy