TBAC token which is BlockAura’s native token finally cracks under intense market pressure.
TBAC’s six-month stability comes to end on December 1, 2022. From an all-time high of $32.30, the token has now plunged to $3.03, an all-time low, published by CoinGecko.
The token is being traded at $3 on PancakeSwap, with seven days trade volume of around $20,000. Moreover, on UniSwap, the token can be traded with another crypto token.
Due to the crash, BlockAura has set a daily withdrawal limit of $250 to discourage frenzy selling. BlockAura has placed restrictions that are so stringent that several traders are unable to cut their losses and quit.
The Urgency for Quick Earnings Making Investors Ignorant
Given the current volatility, many investors have turned the blind eye to serve their desire of earning rapid money.
Many investors seemed to be ignorant of the warnings issued by Jamie Dimon, the CEO of JPMorgan Chase & Co.
Back in September when Dimon commented on cryptocurrencies, he said that cryptocurrencies are like Ponzi schemes that are decentralized.
Following the current trends, Singapore’s Monetary Authority has said that as of now crypto buying and selling is highly risky.
Following Its Six Month Stability, TBAC Offered 3,100% Returns
Sanjay Kamble, a renowned Indian crypto investor who 8-month ago invested in TBAC has earned massive as the token’s price surged 3100 before declining again.
Sanjay who ditched his dead marketing business after hitting the jackpot now working as a full-time crypto investor.
Following this headline, people have rushed to invest in crypto; ignoring all the current indicators and warnings.
Indian to Make Crypto Taxable
Indian authorities said that the use of cryptocurrencies for terror funding and money laundering are the country’s two biggest concerns related to crypto. That is why the legislators have started to impose a tax on crypto earnings.
The multi-staking business model is hard to read and highly risky. Traders profit from less liquidity, as native tokens seem to be subject to price fluctuation when withdrawn.
As the legislators raise questions about BlockAura’s business model, the founder of BlockAura responded in no time.
He said that his cryptocurrency exchange follows a network-marketing business model, and incentives are given in return for more audiences on the blockchain.
BlockAura to Deal with Current Market Volatility
Firoz Multani the founder of BlockAura said given the volatile crypto summer investors can see the fluctuation in profits depending on the price of their native TBAC token. However, there is no chance of losing capital.
As of now, more than 60,000 investors are trading on BlockAura and the number will only grow.
Multani further said that coming two years crypto exchange is expecting almost 100,000 new users on the platform which will further expand BlockAura’s investment cap.
Nonetheless, the crypto exchange until now has not been accused of any violation or suspicious activity, but experts seem skeptical.
Ari Redboard the head of legal affairs at TRM Labs said that it is important to understand that such exchanges with overnight success can pose some serious risks.
He further added that such crypto platforms quite often operate without any security regulations. That means investors are vulnerable to security risks.
Commenting on the situation Mark Mobius said that TBAC’s market price is linked to the performance of its blockchain exchange. That means to avoid lawsuits and bans, the cryptocurrency exchange needs to focus on more financial transparency and investors’ portfolio protection.
TBAC’s Future Price
The analysis published by Binance clearly stated that TBAC’s one-month performance is far from convincing.
So investing in TBAC is not the right decision at the moment. The current performance is not a reliable indicator for the future.
Moreover, by the end of Thursday evening, the cryptocurrency market was full of a bearish trend and it seems that cryptocurrencies will continue to be bearish for the coming days.