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Cryptocurrencies, or digital assets, have gone through a lot of turmoil so far in 2022. Since their high-water mark in late 2021, major assets like Bitcoin and Ethereum have seen dramatic pullbacks in prices. These pullbacks created a chain reaction in other areas of the digital asset market, which ultimately led to the bankruptcy of several crypto platforms - and a crash that wiped out the value of a few large cryptocurrencies.
Many coins have seen massive price drops since their all-time highs and have not recovered. As an investor, how should you approach crypto now?
Crypto basics & recent tumbles
First, a brief synopsis of crypto and recent major events:
The blockchain technology used to trade cryptocurrencies has been hailed as a game-changer for the future of currency. Users can "confirm transactions without a need for a central clearing authority," which democratizes access to the economy, especially for those who have historically not had access to financial institutions. Cryptocurrencies like Bitcoin, Ethereum and other coins or tokens are simply an alternative form of payment known as digital currencies. While potential drives crypto's allure, so does speculation. And even though crypto has been lauded as "inflation-proof," its recent tumbles affect their market value rapidly.
SEE MORE Crypto in My 401(k)? In One Way It Makes Sense, But on the Other Hand …
One of the major events that occurred recently was the dramatic collapse in value of
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Chris Nyambura was raised Catholic but over the past six months he has started calling himself Buddhist. Aged 23, he is a graduate student in chemical engineering. Like many of his generation, especially on the American West Coast, he appreciates the emphasis on mental development and self-help in the spiritual practice he has chosen.
He belongs to a group of people who turn up every Sunday evening for guided meditation sessions in a small, brightly lit studio in downtown Seattle. This is one of 38 centres across the United States (and 679 around the world) affiliated to the Diamond Way movement, which has popularised a modern form of Tibetan Buddhist practice, that emphasises the practical over the arcane. Their teacher coaches them in techniques like visualisation and chanting as well as explaining some basics of the religion to any newcomers.
Mr Nyambura eagerly lists the ways in which, he feels, this practice benefits him. First, training the mental faculties. "A lot of people take refuge in relationships, food,...Continue reading
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