RATE Group | The Big Read: Cryptocurrency crash offers industry the reality check it needs
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The Big Read: Cryptocurrency crash offers industry the reality check it needs

10 Dec The Big Read: Cryptocurrency crash offers industry the reality check it needs

Posted at 02:40h in Cryptocurrency News by

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SINGAPORE: A firm believer of XRP, Mr Ken Tan continued pumping money into the cryptocurrency over the course of this year — even after the prices of cryptocurrencies have fallen from its peak between last December and January this year.

Thus far, the 36-year-old businessman has poured about S$100,000 into cryptocurrencies, including the S$15,000 that he invested in November last year when prices skyrocketed.

“When we saw it (prices) went up to the peak, (my wife and I) were like really FOMO-ing (fear of missing out),” he said.

As he entered the market during the cryptocurrency bull run, his portfolio grew by S$100,000 within eight weeks.

But he decided not to cash out as his intention was to invest for the long term.

With the value of XRP down 90 per cent since its peak of US$3.40 (S$4.67) in January, Mr Tan’s portfolio has shrunk to over S$30,000, resulting in a paper loss of about S$70,000.

“Of course I…

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