{"id":1875,"date":"2023-01-24T15:36:41","date_gmt":"2023-01-24T15:36:41","guid":{"rendered":"https:\/\/coinkickoff.com\/?p=1875"},"modified":"2026-01-08T14:14:22","modified_gmt":"2026-01-08T14:14:22","slug":"when-will-crypto-go-back-up","status":"publish","type":"post","link":"https:\/\/coinkickoff.com\/ro\/when-will-crypto-go-back-up\/","title":{"rendered":"C\u00e2nd se va \u00eentoarce Crypto \u00een sus?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1876 size-full\" src=\"https:\/\/coinkickoff.com\/wp-content\/uploads\/When-will-crypto-go-back-up.jpg\" alt=\"C\u00e2nd se va \u00eentoarce cripto s\u0103 creasc\u0103?\" width=\"1000\" height=\"667\" srcset=\"https:\/\/coinkickoff.com\/wp-content\/uploads\/When-will-crypto-go-back-up.jpg 1000w, https:\/\/coinkickoff.com\/wp-content\/uploads\/When-will-crypto-go-back-up-300x200.jpg 300w, https:\/\/coinkickoff.com\/wp-content\/uploads\/When-will-crypto-go-back-up-768x512.jpg 768w, https:\/\/coinkickoff.com\/wp-content\/uploads\/When-will-crypto-go-back-up-18x12.jpg 18w, https:\/\/coinkickoff.com\/wp-content\/uploads\/When-will-crypto-go-back-up-600x400.jpg 600w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p style=\"text-align: left;\"><b>Criptomonedele sunt active financiare foarte volatile din cauza fluctua\u021biilor uria\u0219e ale pre\u021burilor \u0219i a ciclurilor imprevizibile ale pie\u021bei.<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen acest articol, vom analiza mai \u00een profunzime natura de boom-bust a criptomonedelor \u0219i diferitele tipuri de cicluri de pia\u021b\u0103 cripto \u0219i vom vedea c\u00e2t timp au durat aceste cicluri de pia\u021b\u0103 specifice \u00een trecut. Acest lucru v\u0103 va oferi o \u00een\u021belegere a motivelor pentru care <a href=\"https:\/\/coinkickoff.com\/ro\/prices\/\" data-internallinksmanager029f6b8e52c=\"136\" title=\"Top 100 Pre\u021buri live la criptomonede (USD)\">pre\u021buri cripto<\/a> sunt \u00een prezent jos \u0219i r\u0103spunde\u021bi la \u00eentrebare: <\/span><i><span style=\"font-weight: 400;\">c\u00e2nd va cre\u0219te din nou cripto?<\/span><\/i><\/p>\n<div class=\"cg-choice-box-six   cg-blue\" ><div class=\"cg-cb-row\"><div class=\"cg-cb-items\" id=\"product-265843\"><div class=\"cg-cb-top-head\"><div class=\"cg-cb-top-pick\">Cele mai multe Coins<\/div><\/div><a href=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" target=\"_blank\" rel=\"nofollow noopener\" class=\"cg-aff-link cg-cb-img\" data-post-title=\"Binance\" data-aff-link=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" data-post-type=\"top\" data-post-id=\"127750\"><img decoding=\"async\" src=\"https:\/\/coinkickoff.com\/wp-content\/uploads\/2022\/10\/Binance_logo.png\" class=\"cg-img-1\" alt=\"Binance\" style=\"\"><\/a><div class=\"cg-cb-title\"><a href=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" class=\"cg-aff-link\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" data-post-title=\"Binance\" target=\"\" rel=\"nofollow noopener\">Binance<\/a><\/span><\/div><div class=\"cg-cb-content\"><ul><li><strong>350+<\/strong> Criptomonede listate<\/li><li><strong>&lt;0.10%<\/strong> Taxe de tranzac\u021bie<\/li><li><strong>120 de milioane de euro<\/strong> Utilizatori \u00eenregistra\u021bi<\/li><li>Fondul de active securizat pentru utilizatori<\/li><li>C\u00e2\u0219tig la depozite<\/li><\/ul><\/div><div class=\"cg-cb-btn\"><span class='cta-copy'><a href=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" class=\"cg-one-button cg-btn cg-red  cg-aff-link cg-btn-lg\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" data-style=\"default\" data-post-title=\"Binance\" data-extra=\"arrow\" style=\"\" target=\"\" rel=\"nofollow noopener\">\u00cencepe\u021bi<\/a><\/span><\/span><\/div><\/div><div class=\"cg-cb-items\" id=\"product-265829\"><div class=\"cg-cb-top-head\"><div class=\"cg-cb-top-pick\">Cele mai multe \u021b\u0103ri<\/div><\/div><a href=\"https:\/\/kraken.pxf.io\/756J3y\" target=\"_blank\" rel=\"nofollow noopener\" class=\"cg-aff-link cg-cb-img\" data-post-title=\"Kraken\" data-aff-link=\"https:\/\/kraken.pxf.io\/756J3y\" data-post-type=\"top\" data-post-id=\"127750\"><img decoding=\"async\" src=\"https:\/\/coinkickoff.com\/wp-content\/uploads\/Kraken-logo.webp\" class=\"cg-img-1\" alt=\"Kraken\" style=\"\"><\/a><div class=\"cg-cb-title\"><a href=\"https:\/\/kraken.pxf.io\/756J3y\" class=\"cg-aff-link\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/kraken.pxf.io\/756J3y\" data-post-title=\"Kraken\" target=\"\" rel=\"nofollow noopener\">Kraken<\/a><\/span><\/div><div class=\"cg-cb-content\"><ul><li>Cu sediul \u00een SUA<\/li><li>\u00cencepe\u021bi cu c\u00e2t mai pu\u021bin <strong>$10<\/strong><\/li><li>Cump\u0103ra\u021bi \u0219i vinde\u021bi <strong>200+<\/strong> criptomonede<\/li><li>Solu\u021bie Pro pentru comercian\u021bii mai mari<\/li><li>Disponibil \u00een <strong>190+<\/strong> \u021b\u0103ri<\/li><\/ul><\/div><div class=\"cg-cb-btn\"><span class='cta-copy'><a href=\"https:\/\/kraken.pxf.io\/756J3y\" class=\"cg-one-button cg-btn cg-red  cg-aff-link cg-btn-lg\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/kraken.pxf.io\/756J3y\" data-style=\"default\" data-post-title=\"Kraken\" data-extra=\"arrow\" style=\"\" target=\"\" rel=\"nofollow noopener\">\u00cencepe\u021bi<\/a><\/span><\/span><\/div><\/div><div class=\"cg-cb-items\" id=\"product-265822\"><div class=\"cg-cb-top-head\"><div class=\"cg-cb-top-pick\">Cu sediul \u00een SUA<\/div><\/div><a href=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" target=\"_blank\" rel=\"nofollow noopener\" class=\"cg-aff-link cg-cb-img\" data-post-title=\"Coinbase\" data-aff-link=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" data-post-type=\"top\" data-post-id=\"127750\"><img decoding=\"async\" src=\"https:\/\/coinkickoff.com\/wp-content\/uploads\/2022\/10\/Coinbase.png\" class=\"cg-img-1\" alt=\"Coinbase\" style=\"\"><\/a><div class=\"cg-cb-title\"><a href=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" class=\"cg-aff-link\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" data-post-title=\"Coinbase\" target=\"\" rel=\"nofollow noopener\">Coinbase<\/a><\/span><\/div><div class=\"cg-cb-content\"><ul><li><strong>200+<\/strong> Criptomonede listate<\/li><li>Ob\u021bine\u021bi Crypto dup\u0103 prima dvs. achizi\u021bie<\/li><li>Protejat de asigurare&nbsp;<\/li><li>Depozitare securizat\u0103 cu protec\u021bie Vault<\/li><li>Cea mai de \u00eencredere platform\u0103 de criptomonede<\/li><\/ul><\/div><div class=\"cg-cb-btn\"><span class='cta-copy'><a href=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" class=\"cg-one-button cg-btn cg-red  cg-aff-link cg-btn-lg\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" data-style=\"default\" data-post-title=\"Coinbase\" data-extra=\"arrow\" style=\"\" target=\"\" rel=\"nofollow noopener\">\u00cencepe\u021bi<\/a><\/span><\/span><\/div><\/div><\/div><\/div>\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Sec\u021biuni<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Comuta\u021bi tabelul de con\u021binut\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinkickoff.com\/ro\/when-will-crypto-go-back-up\/#Crypto_Volatility\" >Volatilitatea cripto<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinkickoff.com\/ro\/when-will-crypto-go-back-up\/#The_Bull_Market\" >Pia\u021ba \u00een cre\u0219tere<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinkickoff.com\/ro\/when-will-crypto-go-back-up\/#The_Bear_Market\" >Pia\u021ba bear<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinkickoff.com\/ro\/when-will-crypto-go-back-up\/#Crypto_Market_Cycles\" >Ciclurile de pia\u021b\u0103 Crypto<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/coinkickoff.com\/ro\/when-will-crypto-go-back-up\/#Accumulation\" >Acumularea<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/coinkickoff.com\/ro\/when-will-crypto-go-back-up\/#Markup\" >Markup<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/coinkickoff.com\/ro\/when-will-crypto-go-back-up\/#Distribution\" >Distribu\u021bie<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/coinkickoff.com\/ro\/when-will-crypto-go-back-up\/#Markdown\" >Markdown<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/coinkickoff.com\/ro\/when-will-crypto-go-back-up\/#The_Role_of_Global_Economic_and_Political_Circumstances_in_Crypto_Market_Cycles\" >Rolul circumstan\u021belor economice \u0219i politice globale \u00een ciclurile pie\u021bei criptografice<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/coinkickoff.com\/ro\/when-will-crypto-go-back-up\/#Past_Crypto_Market_Cycles\" >Ciclurile anterioare ale pie\u021bei Crypto<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/coinkickoff.com\/ro\/when-will-crypto-go-back-up\/#Conclusion\" >Concluzie<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Crypto_Volatility\"><\/span><span style=\"font-weight: 400;\">Volatilitatea cripto<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\"><b>Unul dintre principalii factori de incertitudine de pe pia\u021ba cripto este volatilitatea ridicat\u0103 a monedelor digitale, ceea ce face ca cripto s\u0103 fie o investi\u021bie mult mai riscant\u0103 dec\u00e2t ac\u021biunile.<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen primul r\u00e2nd, pia\u021ba criptografic\u0103 este mult mai mic\u0103 dec\u00e2t pia\u021ba bursier\u0103. Numai Bursa de Valori din New York (NYSE) valoreaz\u0103 <\/span><a href=\"https:\/\/www.statista.com\/statistics\/270126\/largest-stock-exchange-operators-by-market-capitalization-of-listed-companies\/#:~:text=The%20New%20York%20Stock%20Exchange,Stock%20Exchange%2C%20and%20the%20Euronext.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">22 trilioane de dolari americani<\/span><\/a><span style=\"font-weight: 400;\">, \u00een timp ce pia\u021ba cripto a \u00eenchis \u00een 2022 cu o valoare pu\u021bin sub un trilion USD.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Apoi, cripto este o clas\u0103 de active financiare relativ nou\u0103, cu o vechime de abia un deceniu, \u00een timp ce primele ac\u021biuni ale companiilor \u00ee\u0219i au originea \u00een <\/span><a href=\"https:\/\/www.sofi.com\/learn\/content\/history-of-the-stock-market\/#:~:text=1611%3A%20The%20first%20modern%20stock,trading%20activity%20on%20the%20exchange.&amp;text=Late%201700s%3A%20A%20small%20group,made%20the%20Buttonwood%20Tree%20Agreement.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">anii 1600<\/span><\/a><span style=\"font-weight: 400;\">. Din acest motiv, ac\u021biunile au devenit de mult timp un activ financiar dominant.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen plus, majoritatea \u021b\u0103rilor au o burs\u0103 de valori na\u021bional\u0103, iar mai multe burse globale cheie, precum NYSE, NASDAQ \u0219i Euronext, gestioneaz\u0103 o mare parte din capitalul global.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Toate acestea fac ca ac\u021biunile companiilor s\u0103 fie active relativ stabile, a c\u0103ror varia\u021bie medie anual\u0103 a pre\u021bului este de doar c\u00e2teva procente. <\/span><b>Pe de alt\u0103 parte, este destul de obi\u0219nuit ca pre\u021burile cripto s\u0103 fluctueze cu c\u00e2teva procente sau mai mult zilnic, mai ales dac\u0103 ave\u021bi de-a face cu altcoins cu capitalizare redus\u0103.<\/b><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen plus, faptul c\u0103 pia\u021ba criptografic\u0103 este at\u00e2t de mic\u0103 \u00een compara\u021bie cu ac\u021biunile o face mai susceptibil\u0103 de a reac\u021biona la evenimente din lumea real\u0103, cum ar fi <\/span><a href=\"https:\/\/www.ft.com\/content\/c236d6f9-da5a-4da7-8dc8-5cd450dfe39d\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">faliment<\/span><\/a><span style=\"font-weight: 400;\"> unei burse importante, cum ar fi FTX sau <\/span><a href=\"https:\/\/www.cnbc.com\/2022\/12\/03\/celsius-users-with-crypto-collateral-stuck-turn-to-bankruptcy-process.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">accident <\/span><\/a><span style=\"font-weight: 400;\">de o companie de \u00eemprumuturi criptografice precum Celsius.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Pia\u021ba bear cripto din 2022 a ar\u0103tat cum astfel de evenimente pot provoca un efect de domino \u00een industria cripto \u0219i pot duce la un <\/span><a href=\"https:\/\/www.cnbc.com\/2022\/11\/21\/bitcoin-btc-ether-eth-fall-as-ftx-collapse-ripples-through-market.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ie\u0219irea masiv\u0103 de bani<\/span><\/a><span style=\"font-weight: 400;\"> din industria criptografic\u0103, ca urmare a v\u00e2nz\u0103rilor de panic\u0103.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">C\u00e2nd <a href=\"https:\/\/coinkickoff.com\/ro\/bitcoin-btc\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Ce este Bitcoin (BTC)? Pre\u021b, istoric \u0219i unde se poate cump\u0103ra\">BTC<\/a> \u0219i <a href=\"https:\/\/coinkickoff.com\/ro\/ethereum-eth\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"Ce este Ethereum (ETH)? Pre\u021b, istoric \u0219i unde se poate cump\u0103ra\">ETH<\/a> \u00eencepe s\u0103 se pr\u0103bu\u0219easc\u0103, \u00eentreaga pia\u021b\u0103 urmeaz\u0103, deoarece aceste dou\u0103 criptomonede reprezint\u0103 mai mult de 50% din capitalizarea total\u0103 a pie\u021bei cripto, potrivit <\/span><a href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen aceste cazuri, unii comercian\u021bi \u00eencep s\u0103 cumpere cripto pentru c\u0103 ei cred c\u0103 este o oportunitate excelent\u0103 de a \"cump\u0103ra o sc\u0103dere\" \u0219i de a vinde atunci c\u00e2nd pre\u021burile cresc, \u00een timp ce al\u021bi comercian\u021bi v\u00e2nd \u00een panic\u0103 pentru a salva cel pu\u021bin o parte din investi\u021biile lor de teama unor noi sc\u0103deri de pre\u021b. Sentimentul mixt al pie\u021bei influen\u021beaz\u0103 \u0219i mai mult fluctua\u021biile pre\u021burilor cripto.<\/span><\/p>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"The_Bull_Market\"><\/span><span style=\"font-weight: 400;\">Pia\u021ba \u00een cre\u0219tere<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"cg-choice-box-six   cg-blue\" ><div class=\"cg-cb-row\"><div class=\"cg-cb-items\" id=\"product-265843\"><div class=\"cg-cb-top-head\"><div class=\"cg-cb-top-pick\">Cele mai multe Coins<\/div><\/div><a href=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" target=\"_blank\" rel=\"nofollow noopener\" class=\"cg-aff-link cg-cb-img\" data-post-title=\"Binance\" data-aff-link=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" data-post-type=\"top\" data-post-id=\"127750\"><img decoding=\"async\" src=\"https:\/\/coinkickoff.com\/wp-content\/uploads\/2022\/10\/Binance_logo.png\" class=\"cg-img-1\" alt=\"Binance\" style=\"\"><\/a><div class=\"cg-cb-title\"><a href=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" class=\"cg-aff-link\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" data-post-title=\"Binance\" target=\"\" rel=\"nofollow noopener\">Binance<\/a><\/span><\/div><div class=\"cg-cb-content\"><ul><li><strong>350+<\/strong> Criptomonede listate<\/li><li><strong>&lt;0.10%<\/strong> Taxe de tranzac\u021bie<\/li><li><strong>120 de milioane de euro<\/strong> Utilizatori \u00eenregistra\u021bi<\/li><li>Fondul de active securizat pentru utilizatori<\/li><li>C\u00e2\u0219tig la depozite<\/li><\/ul><\/div><div class=\"cg-cb-btn\"><span class='cta-copy'><a href=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" class=\"cg-one-button cg-btn cg-red  cg-aff-link cg-btn-lg\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" data-style=\"default\" data-post-title=\"Binance\" data-extra=\"arrow\" style=\"\" target=\"\" rel=\"nofollow noopener\">\u00cencepe\u021bi<\/a><\/span><\/span><\/div><\/div><div class=\"cg-cb-items\" id=\"product-265829\"><div class=\"cg-cb-top-head\"><div class=\"cg-cb-top-pick\">Cele mai multe \u021b\u0103ri<\/div><\/div><a href=\"https:\/\/kraken.pxf.io\/756J3y\" target=\"_blank\" rel=\"nofollow noopener\" class=\"cg-aff-link cg-cb-img\" data-post-title=\"Kraken\" data-aff-link=\"https:\/\/kraken.pxf.io\/756J3y\" data-post-type=\"top\" data-post-id=\"127750\"><img decoding=\"async\" src=\"https:\/\/coinkickoff.com\/wp-content\/uploads\/Kraken-logo.webp\" class=\"cg-img-1\" alt=\"Kraken\" style=\"\"><\/a><div class=\"cg-cb-title\"><a href=\"https:\/\/kraken.pxf.io\/756J3y\" class=\"cg-aff-link\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/kraken.pxf.io\/756J3y\" data-post-title=\"Kraken\" target=\"\" rel=\"nofollow noopener\">Kraken<\/a><\/span><\/div><div class=\"cg-cb-content\"><ul><li>Cu sediul \u00een SUA<\/li><li>\u00cencepe\u021bi cu c\u00e2t mai pu\u021bin <strong>$10<\/strong><\/li><li>Cump\u0103ra\u021bi \u0219i vinde\u021bi <strong>200+<\/strong> criptomonede<\/li><li>Solu\u021bie Pro pentru comercian\u021bii mai mari<\/li><li>Disponibil \u00een <strong>190+<\/strong> \u021b\u0103ri<\/li><\/ul><\/div><div class=\"cg-cb-btn\"><span class='cta-copy'><a href=\"https:\/\/kraken.pxf.io\/756J3y\" class=\"cg-one-button cg-btn cg-red  cg-aff-link cg-btn-lg\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/kraken.pxf.io\/756J3y\" data-style=\"default\" data-post-title=\"Kraken\" data-extra=\"arrow\" style=\"\" target=\"\" rel=\"nofollow noopener\">\u00cencepe\u021bi<\/a><\/span><\/span><\/div><\/div><div class=\"cg-cb-items\" id=\"product-265822\"><div class=\"cg-cb-top-head\"><div class=\"cg-cb-top-pick\">Cu sediul \u00een SUA<\/div><\/div><a href=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" target=\"_blank\" rel=\"nofollow noopener\" class=\"cg-aff-link cg-cb-img\" data-post-title=\"Coinbase\" data-aff-link=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" data-post-type=\"top\" data-post-id=\"127750\"><img decoding=\"async\" src=\"https:\/\/coinkickoff.com\/wp-content\/uploads\/2022\/10\/Coinbase.png\" class=\"cg-img-1\" alt=\"Coinbase\" style=\"\"><\/a><div class=\"cg-cb-title\"><a href=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" class=\"cg-aff-link\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" data-post-title=\"Coinbase\" target=\"\" rel=\"nofollow noopener\">Coinbase<\/a><\/span><\/div><div class=\"cg-cb-content\"><ul><li><strong>200+<\/strong> Criptomonede listate<\/li><li>Ob\u021bine\u021bi Crypto dup\u0103 prima dvs. achizi\u021bie<\/li><li>Protejat de asigurare&nbsp;<\/li><li>Depozitare securizat\u0103 cu protec\u021bie Vault<\/li><li>Cea mai de \u00eencredere platform\u0103 de criptomonede<\/li><\/ul><\/div><div class=\"cg-cb-btn\"><span class='cta-copy'><a href=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" class=\"cg-one-button cg-btn cg-red  cg-aff-link cg-btn-lg\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" data-style=\"default\" data-post-title=\"Coinbase\" data-extra=\"arrow\" style=\"\" target=\"\" rel=\"nofollow noopener\">\u00cencepe\u021bi<\/a><\/span><\/span><\/div><\/div><\/div><\/div>\n\n<p style=\"text-align: left;\"><b>Pia\u021ba bull market este un termen folosit pentru a descrie o stare a pie\u021bei criptografice \u00een care pre\u021burile sunt \u00een cre\u0219tere, investitorii individuali, companiile \u0219i fondurile de investi\u021bii investind bani \u00een criptomonede.<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Numele provine de la faptul c\u0103 atunci c\u00e2nd taurii atac\u0103 cu coarnele lor, se mi\u0219c\u0103 <\/span><i><span style=\"font-weight: 400;\">\u00een sus <\/span><\/i><span style=\"font-weight: 400;\">cu capetele lor. Acest lucru \u00eenseamn\u0103 c\u0103 tendin\u021ba dominant\u0103 a pre\u021burilor \u00een timpul unei perioade de cre\u0219tere a pie\u021bei este <\/span><b>\u00een sus<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Pe pia\u021ba criptografic\u0103, a\u0219a-numi\u021bii \"tauri\" sunt persoanele \u0219i companiile care sunt optimiste \u0219i cred c\u0103 pre\u021bul activelor lor criptografice va cre\u0219te \u00een viitor, a\u0219a c\u0103 fac investi\u021bii criptografice mari.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">De exemplu, taurii Bitcoin cred c\u0103 BTC este aurul digital \u0219i c\u0103 valoarea sa va cre\u0219te exponen\u021bial \u00een urm\u0103torii ani, datorit\u0103 ofertei sale maxime limitate. Pe de alt\u0103 parte, taurii Ethereum cred \u00een poten\u021bialul ETH, deoarece Ethereum este cel mai mare ecosistem blockchain pentru lansarea de aplica\u021bii descentralizate.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen esen\u021b\u0103, taurii sunt adev\u0103ra\u021bi entuzia\u0219ti ai criptografiei. Atunci c\u00e2nd cineva este \"bullish\", este extrem de \u00eencrez\u0103tor \u00een cre\u0219terea viitoare a unui anumit activ.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen timpul unei pie\u021be \u00een cre\u0219tere, investi\u021biile \u00een criptomonede cresc rapid, iar criptomonedele ating noi maxime istorice. Acesta este momentul \u00een care capitali\u0219tii de risc \u0219i firmele de investi\u021bii au tendin\u021ba de a v\u0103rsa capital \u00een startup-uri \u0219i companii cripto.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Taurii exercit\u0103 o presiune de cump\u0103rare pentru anumite criptomonede, iar atunci c\u00e2nd presiunea de cump\u0103rare este mare, cre\u0219te \u0219i cererea pentru o anumit\u0103 criptomoned\u0103. \u00cen consecin\u021b\u0103, pre\u021bul unui activ cripto cre\u0219te \u0219i el.\u00a0<\/span><\/p>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"The_Bear_Market\"><\/span><span style=\"font-weight: 400;\">Pia\u021ba bear<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen timpul unei pie\u021be \u00een cre\u0219tere, miliarde de dolari se vars\u0103 \u00een industria criptografic\u0103 at\u00e2t de la investitori individuali, c\u00e2t \u0219i de la companii, datorit\u0103 sentimentului pozitiv al pie\u021bei. Opusul se \u00eent\u00e2mpl\u0103 \u00een timpul unei perioade de sc\u0103dere, c\u00e2nd \u00een schimb domin\u0103 frica \u0219i pesimismul.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Termenul \u00een sine provine de la mi\u0219carea \u00een jos a unui urs atunci c\u00e2nd atac\u0103 cu ghearele.<\/span><b> Principala caracteristic\u0103 a unui ciclu bear este c\u0103, \u00een aceast\u0103 faz\u0103 a pie\u021bei, capitalizarea total\u0103 a pie\u021bei criptografice se reduce rapid.<\/b><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Pre\u021burile BTC \u0219i ETH, ca principale criptomonede, scad rapid, iar aceste dou\u0103 criptomonede determin\u0103 sc\u0103derea restului pie\u021bei. Este aproape imposibil ca o altcoin cu capitalizare mare s\u0103 asiste la c\u00e2\u0219tiguri considerabile dac\u0103 BTC \u0219i ETH, care conduc pia\u021ba, sunt \u00een sc\u0103dere.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen plus, pia\u021ba bear provoac\u0103 team\u0103 \u00een min\u021bile a milioane de utilizatori de cripto-monede \u0219i \u00eei face s\u0103 v\u00e2nd\u0103 \u00een panic\u0103 cripto-monedele \u00een speran\u021ba de a-\u0219i salva o parte din profituri. Cu toate acestea, aceste v\u00e2nz\u0103ri de panic\u0103 duc pia\u021ba criptografic\u0103 \u0219i mai jos, deoarece atunci c\u00e2nd majoritatea de\u021bin\u0103torilor de cripto \u00ee\u0219i v\u00e2nd activele \u0219i le \u00eencaseaz\u0103 \u00een moned\u0103 fiduciar\u0103, plafonul total al pie\u021bei criptografice scade. \u00cen schimb, pre\u021burile cripto continu\u0103 s\u0103 se pr\u0103bu\u0219easc\u0103.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Doar o inversare brusc\u0103 a sentimentului de pia\u021b\u0103 poate inversa situa\u021bia \u0219i poate face ca pia\u021ba s\u0103 devin\u0103 din nou optimist\u0103. Acest lucru se poate \u00eent\u00e2mpla numai dup\u0103 ce pia\u021ba bear atinge punctul cel mai de jos.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Cu toate acestea, nimeni nu poate spune cu exactitate c\u00e2nd se va \u00eent\u00e2mpla acest lucru. \u00cen schimb, ar trebui s\u0103 fi\u021bi cu ochii pe to\u021bi factorii care influen\u021beaz\u0103 sentimentul pie\u021bei, \u00een special lumea real\u0103 <\/span><a href=\"https:\/\/river.com\/learn\/how-do-macro-events-affect-bitcoin\/#:~:text=As%20the%20currency%20becomes%20more,appealing%20Bitcoin%20is%20to%20use.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">evenimente macroeconomice<\/span><\/a><span style=\"font-weight: 400;\"> cum ar fi sf\u00e2r\u0219itul unei recesiuni, sc\u0103derea infla\u021biei \u0219i stabilizarea ratelor dob\u00e2nzilor b\u0103ncilor centrale.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">De \u00eendat\u0103 ce marile companii \u0219i investitorii \u00eenceteaz\u0103 s\u0103 \u00ee\u0219i mai v\u00e2nd\u0103 criptomonedele \u0219i \u00eencep s\u0103 cumpere din nou, investitorii individuali le urmeaz\u0103 exemplul, iar sentimentul pie\u021bei \u00eencepe s\u0103 se redreseze treptat \u00een urm\u0103toarele dou\u0103 luni.\u00a0<\/span><\/p>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Crypto_Market_Cycles\"><\/span><span style=\"font-weight: 400;\">Ciclurile de pia\u021b\u0103 Crypto<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\"><b>Pie\u021bele crypto bear \u0219i bull sunt cele dou\u0103 faze principale ale pie\u021bei crypto<\/b><span style=\"font-weight: 400;\">. Cu toate acestea, exist\u0103 patru cicluri de pia\u021b\u0103 cripto mai distincte care v\u0103 pot oferi o mai bun\u0103 \u00een\u021belegere a ceea ce se \u00eent\u00e2mpl\u0103 exact \u00een timpul pie\u021belor bear \u0219i bull.<\/span><\/p>\n<h3 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Accumulation\"><\/span><span style=\"font-weight: 400;\">Acumularea<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"cg-choice-box-six   cg-blue\" ><div class=\"cg-cb-row\"><div class=\"cg-cb-items\" id=\"product-265843\"><div class=\"cg-cb-top-head\"><div class=\"cg-cb-top-pick\">Cele mai multe Coins<\/div><\/div><a href=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" target=\"_blank\" rel=\"nofollow noopener\" class=\"cg-aff-link cg-cb-img\" data-post-title=\"Binance\" data-aff-link=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" data-post-type=\"top\" data-post-id=\"127750\"><img decoding=\"async\" src=\"https:\/\/coinkickoff.com\/wp-content\/uploads\/2022\/10\/Binance_logo.png\" class=\"cg-img-1\" alt=\"Binance\" style=\"\"><\/a><div class=\"cg-cb-title\"><a href=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" class=\"cg-aff-link\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" data-post-title=\"Binance\" target=\"\" rel=\"nofollow noopener\">Binance<\/a><\/span><\/div><div class=\"cg-cb-content\"><ul><li><strong>350+<\/strong> Criptomonede listate<\/li><li><strong>&lt;0.10%<\/strong> Taxe de tranzac\u021bie<\/li><li><strong>120 de milioane de euro<\/strong> Utilizatori \u00eenregistra\u021bi<\/li><li>Fondul de active securizat pentru utilizatori<\/li><li>C\u00e2\u0219tig la depozite<\/li><\/ul><\/div><div class=\"cg-cb-btn\"><span class='cta-copy'><a href=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" class=\"cg-one-button cg-btn cg-red  cg-aff-link cg-btn-lg\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/accounts.binance.com\/register?ref=BLJQ60RW\" data-style=\"default\" data-post-title=\"Binance\" data-extra=\"arrow\" style=\"\" target=\"\" rel=\"nofollow noopener\">\u00cencepe\u021bi<\/a><\/span><\/span><\/div><\/div><div class=\"cg-cb-items\" id=\"product-265829\"><div class=\"cg-cb-top-head\"><div class=\"cg-cb-top-pick\">Cele mai multe \u021b\u0103ri<\/div><\/div><a href=\"https:\/\/kraken.pxf.io\/756J3y\" target=\"_blank\" rel=\"nofollow noopener\" class=\"cg-aff-link cg-cb-img\" data-post-title=\"Kraken\" data-aff-link=\"https:\/\/kraken.pxf.io\/756J3y\" data-post-type=\"top\" data-post-id=\"127750\"><img decoding=\"async\" src=\"https:\/\/coinkickoff.com\/wp-content\/uploads\/Kraken-logo.webp\" class=\"cg-img-1\" alt=\"Kraken\" style=\"\"><\/a><div class=\"cg-cb-title\"><a href=\"https:\/\/kraken.pxf.io\/756J3y\" class=\"cg-aff-link\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/kraken.pxf.io\/756J3y\" data-post-title=\"Kraken\" target=\"\" rel=\"nofollow noopener\">Kraken<\/a><\/span><\/div><div class=\"cg-cb-content\"><ul><li>Cu sediul \u00een SUA<\/li><li>\u00cencepe\u021bi cu c\u00e2t mai pu\u021bin <strong>$10<\/strong><\/li><li>Cump\u0103ra\u021bi \u0219i vinde\u021bi <strong>200+<\/strong> criptomonede<\/li><li>Solu\u021bie Pro pentru comercian\u021bii mai mari<\/li><li>Disponibil \u00een <strong>190+<\/strong> \u021b\u0103ri<\/li><\/ul><\/div><div class=\"cg-cb-btn\"><span class='cta-copy'><a href=\"https:\/\/kraken.pxf.io\/756J3y\" class=\"cg-one-button cg-btn cg-red  cg-aff-link cg-btn-lg\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/kraken.pxf.io\/756J3y\" data-style=\"default\" data-post-title=\"Kraken\" data-extra=\"arrow\" style=\"\" target=\"\" rel=\"nofollow noopener\">\u00cencepe\u021bi<\/a><\/span><\/span><\/div><\/div><div class=\"cg-cb-items\" id=\"product-265822\"><div class=\"cg-cb-top-head\"><div class=\"cg-cb-top-pick\">Cu sediul \u00een SUA<\/div><\/div><a href=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" target=\"_blank\" rel=\"nofollow noopener\" class=\"cg-aff-link cg-cb-img\" data-post-title=\"Coinbase\" data-aff-link=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" data-post-type=\"top\" data-post-id=\"127750\"><img decoding=\"async\" src=\"https:\/\/coinkickoff.com\/wp-content\/uploads\/2022\/10\/Coinbase.png\" class=\"cg-img-1\" alt=\"Coinbase\" style=\"\"><\/a><div class=\"cg-cb-title\"><a href=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" class=\"cg-aff-link\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" data-post-title=\"Coinbase\" target=\"\" rel=\"nofollow noopener\">Coinbase<\/a><\/span><\/div><div class=\"cg-cb-content\"><ul><li><strong>200+<\/strong> Criptomonede listate<\/li><li>Ob\u021bine\u021bi Crypto dup\u0103 prima dvs. achizi\u021bie<\/li><li>Protejat de asigurare&nbsp;<\/li><li>Depozitare securizat\u0103 cu protec\u021bie Vault<\/li><li>Cea mai de \u00eencredere platform\u0103 de criptomonede<\/li><\/ul><\/div><div class=\"cg-cb-btn\"><span class='cta-copy'><a href=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" class=\"cg-one-button cg-btn cg-red  cg-aff-link cg-btn-lg\" data-post-id=\"127750\" data-post-type=\"top\" data-aff-link=\"https:\/\/coinbase-consumer.sjv.io\/ORPoaG\" data-style=\"default\" data-post-title=\"Coinbase\" data-extra=\"arrow\" style=\"\" target=\"\" rel=\"nofollow noopener\">\u00cencepe\u021bi<\/a><\/span><\/span><\/div><\/div><\/div><\/div>\n\n<p style=\"text-align: left;\"><b>Mai \u00eent\u00e2i vine faza de acumulare, \u00een care pre\u021burile cripto sunt sc\u0103zute, iar pesimismul domin\u0103 pia\u021ba<\/b><span style=\"font-weight: 400;\">. \u00cen aceast\u0103 faz\u0103, ur\u0219ii cripto sunt reticen\u021bi \u00een a cump\u0103ra noi active, deoarece nu \u0219tiu c\u00e2nd \u0219i dac\u0103 pre\u021bul anumitor active va cre\u0219te.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Taurii, pe de alt\u0103 parte, v\u0103d aceast\u0103 faz\u0103 ca pe o oportunitate de aur pentru a cump\u0103ra criptomonede la un pre\u021b redus. Deoarece pre\u021burile cripto sunt sc\u0103zute \u0219i pia\u021ba bear \u00ee\u0219i atinge fundul, sau fundul a avut loc recent, taurii \u00eencep s\u0103 cumpere active pe care inten\u021bioneaz\u0103 s\u0103 le p\u0103streze p\u00e2n\u0103 la v\u00e2rful urm\u0103toarei pie\u021be bull.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Aceast\u0103 faz\u0103 este, de asemenea, men\u021bionat\u0103 ca fiind <\/span><b>faza de consolidare<\/b><span style=\"font-weight: 400;\"> pentru c\u0103 pre\u021burile criptografiilor nu mai scad, iar volatilitatea general\u0103 a pie\u021bei este destul de sc\u0103zut\u0103. Pentru ur\u0219i, s-ar putea p\u0103rea c\u0103 exist\u0103 un poten\u021bial de cre\u0219tere redus \u00een aceast\u0103 faz\u0103, care poate dura p\u00e2n\u0103 la c\u00e2teva luni.\u00a0<\/span><\/p>\n<h3 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Markup\"><\/span><span style=\"font-weight: 400;\">Markup<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: left;\"><b>Faza de marcare este atunci c\u00e2nd pia\u021ba bull market este \u00een plin efect<\/b><span style=\"font-weight: 400;\">. Sentimentul pie\u021bei devine pozitiv, pre\u021burile criptomonedelor \u00eencep s\u0103 creasc\u0103, iar investitorii \u00eencep s\u0103 investeasc\u0103 din nou mai mult\u0103 moned\u0103 fiduciar\u0103 \u00een cripto-monede.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen plus, companiile \u0219i fondurile de investi\u021bii \u00eencep s\u0103 investeasc\u0103 mai mul\u021bi bani \u00een monedele digitale, ceea ce stimuleaz\u0103 capitalizarea pie\u021bei criptografice \u0219i cre\u0219te pre\u021burile.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Cu toate acestea, recunoa\u0219terea acestei faze \u00een stadiile sale timpurii necesit\u0103 mult\u0103 \u00eendem\u00e2nare. Asta pentru c\u0103 majoritatea investitorilor sunt \u00eenc\u0103 speria\u021bi de recenta pia\u021b\u0103 bear \u0219i ezit\u0103 s\u0103 \u00ee\u0219i investeasc\u0103 banii \u00eenainte de a fi martorii unei tendin\u021be clare de cre\u0219tere a pre\u021burilor.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Faza de marcare se acumuleaz\u0103 \u00eencet \u0219i atinge un v\u00e2rf, criptomonedele ating\u00e2nd noi maxime istorice. Multe altcoins cu cazuri de utilizare puternice, numeroase aplica\u021bii descentralizate \u0219i comunit\u0103\u021bi vibrante pot face un 10x, 20x sau chiar 100x \u00een timpul fazei de marcare.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Investitorii care au cump\u0103rat proiecte promi\u021b\u0103toare \u00een timpul fazei de acumulare pot \u00eenregistra c\u00e2\u0219tiguri masive \u00een faza de v\u00e2rf a major\u0103rii. De exemplu, Bitcoin a atins un <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">69.000 USD maximul istoric<\/span><\/a><span style=\"font-weight: 400;\"> \u00een timpul ultimei pie\u021be bull market din 2021, o cre\u0219tere extraordinar\u0103 fa\u021b\u0103 de minimul din 2019, de aproximativ 3.600 USD.\u00a0<\/span><\/p>\n<h3 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Distribution\"><\/span><span style=\"font-weight: 400;\">Distribu\u021bie<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: left;\"><b>Urmeaz\u0103 faza de distribu\u021bie, \u00een timpul c\u0103reia mul\u021bi investitori \u00eencep s\u0103 \u00ee\u0219i v\u00e2nd\u0103 cripto pentru a \u00eencasa c\u00e2\u0219tigurile ob\u021binute pe pia\u021ba bursier\u0103.<\/b><span style=\"font-weight: 400;\">. Acest lucru creeaz\u0103 un nou hype \u00een jurul cripto, determin\u00e2nd al\u021bi investitori \u00eencep\u0103tori s\u0103 \u00ee\u0219i plaseze banii \u00een aceste active. Raportul dintre cerere \u0219i ofert\u0103 pentru majoritatea criptomonedelor \u00eencepe s\u0103 se uniformizeze, ceea ce face ca faza de distribu\u021bie s\u0103 fie mai pu\u021bin volatil\u0103 dec\u00e2t perioada de cre\u0219tere.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Sentimentul investitorilor este puternic divizat \u00een timpul fazei de distribu\u021bie, deoarece unii investitori \u00ee\u0219i dau seama c\u0103 pia\u021ba bull se \u00eencheie \u0219i \u00ee\u0219i v\u00e2nd cripto pentru profit, \u00een timp ce al\u021bii sper\u0103 c\u0103 pia\u021ba bull va avea alte faze de cre\u0219tere.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Ultimul grup de investitori continu\u0103 s\u0103 cumpere cripto, dar ajung prea t\u00e2rziu \u0219i, \u00een cele din urm\u0103, vor suferi pierderi \u00een timpul viitoarei pie\u021be bear, deoarece au cump\u0103rat prea mult. Ace\u0219ti investitori pot fie s\u0103 \u00ee\u0219i p\u0103streze criptomonedele pe parcursul urm\u0103torului ciclu de pia\u021b\u0103 bear \u0219i s\u0103 spere la pre\u021buri mai mari \u00een timpul urm\u0103toarei pie\u021be bull, fie s\u0103 v\u00e2nd\u0103 \u00een panic\u0103 \u00een timpul pie\u021bei bear \u0219i s\u0103 sufere pierderi.\u00a0<\/span><\/p>\n<h3 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Markdown\"><\/span><span style=\"font-weight: 400;\">Markdown<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: left;\"><b>Faza de reducere este atunci c\u00e2nd pia\u021ba bear este \u00een plin\u0103 desf\u0103\u0219urare, iar pre\u021burile scad masiv.<\/b><span style=\"font-weight: 400;\">. Taurii cripto au v\u00e2ndut de mult cripto pentru profituri, dar investitorii \u00eent\u00e2rzia\u021bi sunt cei care vor suferi pierderi masive dac\u0103 \u00ee\u0219i v\u00e2nd cripto \u00een panic\u0103 \u00een timpul fazei de reducere.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen aceast\u0103 faz\u0103, mul\u021bi investitori sunt pesimi\u0219ti \u0219i au tendin\u021ba de a \u00eencasa criptomonedele \u00een moned\u0103 fiduciar\u0103 chiar dac\u0103 sunt \u00een pierdere, deoarece frica \u00eei \u00eempinge s\u0103 cread\u0103 c\u0103 pia\u021ba criptografic\u0103 s-ar putea s\u0103 nu-\u0219i mai revin\u0103 niciodat\u0103. Nu este neobi\u0219nuit ca \u00eencep\u0103torii \u00een domeniul cripto s\u0103 r\u0103sp\u00e2ndeasc\u0103 panica potrivit c\u0103reia pia\u021ba cripto este \"moart\u0103\" \u00een timpul fazei de reducere.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Una dintre tacticile populare pentru a ob\u021bine profituri \u00een timpul fazei de reducere a pre\u021burilor este de a <\/span><a href=\"https:\/\/www.businessinsider.com\/personal-finance\/can-you-short-crypto\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">vinde \u00een lips\u0103 cripto<\/span><\/a><span style=\"font-weight: 400;\">. Scurtarea se refer\u0103 la utilizarea <a href=\"https:\/\/coinkickoff.com\/ro\/crypto-exchanges\/\" data-internallinksmanager029f6b8e52c=\"141\" title=\"21 Cele mai bune 21 Cele mai bune schimburi de criptomonede \u0219i aplica\u021bii \u00een 2024\">schimburi criptografice<\/a> pentru a paria pe sc\u0103derea pre\u021bului unei anumite criptomonede \u0219i pentru a ob\u021bine profituri \u00een cazul \u00een care pre\u021bul acesteia scade \u00eentr-o anumit\u0103 perioad\u0103 de timp.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Cu toate acestea, v\u00e2nzarea \u00een lips\u0103 este, de asemenea, imprevizibil\u0103 \u0219i riscant\u0103, deoarece, \u00een timpul fazei de reducere a pre\u021bului, criptomonedele au adesea cre\u0219teri de pre\u021b pe termen scurt, c\u00e2nd valoarea unei criptomonede sare pentru scurt timp datorit\u0103 presiunii de cump\u0103rare a taurilor cripto.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Criptomonedele \u0219i mass-media mainstream public\u0103 deseori titluri pesimiste cu privire la starea pie\u021bei \u00een timpul fazei de reducere. Mass-media se laud\u0103 cu \"pr\u0103bu\u0219iri criptografice\", iar astfel de \u0219tiri contribuie \u0219i mai mult la apari\u021bia fricii \u0219i a sentimentului pesimist \u00een r\u00e2ndul investitorilor care tind s\u0103 \u00ee\u0219i mute capitalul c\u0103tre active financiare mai pu\u021bin volatile, cum ar fi ac\u021biunile.<\/span><\/p>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"The_Role_of_Global_Economic_and_Political_Circumstances_in_Crypto_Market_Cycles\"><\/span><span style=\"font-weight: 400;\">Rolul circumstan\u021belor economice \u0219i politice globale \u00een ciclurile pie\u021bei criptografice<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\"><b>Circumstan\u021bele economice din lumea real\u0103 au un <\/b><a href=\"https:\/\/cointelegraph.com\/explained\/what-is-the-economic-impact-of-cryptocurrencies\" target=\"_blank\" rel=\"noopener\"><b>rol important \u00een ciclurile pie\u021bei cripto<\/b><\/a><span style=\"font-weight: 400;\">. De\u0219i criptomonedele sunt independente de sistemul monetar fiat \u00een ceea ce prive\u0219te controlul b\u0103ncilor \u0219i al institu\u021biilor financiare centralizate, turbulen\u021bele economice afecteaz\u0103 puternic pia\u021ba cripto.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Investitorii \u00een cripto-monede tind s\u0103 se orienteze c\u0103tre active financiare mai pu\u021bin volatile \u0219i s\u0103 \u00ee\u0219i retrag\u0103 cripto-monedele \u00een perioade de incertitudine economic\u0103, ceea ce s-a \u00eent\u00e2mplat exact \u00een 2022. \u00cen acela\u0219i an, mai multe \u021b\u0103ri \u0219i regiuni din SUA \u0219i UE au introdus <\/span><a href=\"https:\/\/decrypt.co\/111583\/european-union-lawmakers-pass-crypto-regulation-bill\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">legi cripto<\/span><\/a><span style=\"font-weight: 400;\"> care a pus presiune at\u00e2t pe bursele de cripto-monede, c\u00e2t \u0219i pe de\u021bin\u0103tori.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen plus, incertitudinea economic\u0103 \u00eei \u00eempinge pe investitori s\u0103 adopte o abordare mai conservatoare fa\u021b\u0103 de cripto. Acest lucru \u00eenseamn\u0103 c\u0103 investesc mai pu\u021bin \u0219i mai atent, folosind tactici cum ar fi <\/span><a href=\"https:\/\/www.coindesk.com\/layer2\/2022\/10\/24\/dollar-cost-averaging-dca-explained\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">medierea costurilor \u00een dolari (DCA)<\/span><\/a><span style=\"font-weight: 400;\">, ceea ce \u00eenseamn\u0103 c\u0103 investesc aceea\u0219i sum\u0103 de bani \u00een cripto \u00een fiecare s\u0103pt\u0103m\u00e2n\u0103 sau lun\u0103.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Acest lucru este \u00een contrast puternic cu modul \u00een care investitorii entuzia\u0219ti de criptomonede \u00een timpul perioadelor stabile din punct de vedere economic, acumul\u00e2nd c\u00e2t mai multe cripto-monede \u00een speran\u021ba de a-\u0219i maximiza profiturile.<\/span><\/p>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Past_Crypto_Market_Cycles\"><\/span><span style=\"font-weight: 400;\">Ciclurile anterioare ale pie\u021bei Crypto<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\"><b>Bitcoin, prima criptomoned\u0103, a fost lansat\u0103 \u00een 2009.<\/b><span style=\"font-weight: 400;\">. Acest lucru \u00eenseamn\u0103 c\u0103 nu au existat o mul\u021bime de cicluri de pia\u021b\u0103 bull sau bear \u00een istoria cripto, dar cele care au avut loc pot fi \u00eenc\u0103<\/span><b> da\u021bi-ne ni\u0219te estim\u0103ri despre: c\u00e2nd va cre\u0219te din nou cripto?<\/b><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Cu toate acestea, este important s\u0103 re\u021bine\u021bi<\/span><b> nu exist\u0103 nicio metod\u0103 f\u0103r\u0103 erori pentru a prezice c\u00e2t va dura cu siguran\u021b\u0103 o pia\u021b\u0103 criptografic\u0103 bear sau bull.<\/b><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Acestea fiind spuse, prima pia\u021b\u0103 de cre\u0219tere a criptomonedelor a durat din ziua \u00een care a fost lansat Bitcoin p\u00e2n\u0103 \u00een 2013, c\u00e2nd pre\u021burile primelor criptomonede au \u00eenceput s\u0103 se pr\u0103bu\u0219easc\u0103 rapid. Prima pia\u021b\u0103 bear a durat <\/span><a href=\"https:\/\/watcher.guru\/news\/crypto-how-long-did-previous-bear-markets-last-compared-to-2022\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">aproximativ 415 zile<\/span><\/a><span style=\"font-weight: 400;\"> p\u00e2n\u0103 \u00een 2015. Atunci a \u00eenceput urm\u0103toarea pia\u021b\u0103 ascendent\u0103, care a continuat puternic timp de aproape trei ani, cu mai multe corec\u021bii \u0219i pr\u0103bu\u0219iri ale pie\u021bei.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Este destul de normal ca pie\u021bele de cre\u0219tere s\u0103 aib\u0103 perioade de c\u0103dere pe termen scurt, c\u00e2nd pre\u021burile \u00eencep s\u0103 scad\u0103, dar apoi \u00ee\u0219i reiau tendin\u021ba ascendent\u0103.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen continuare, pia\u021ba bear din 2018 a durat aproximativ un an \u00eenainte ca pia\u021ba s\u0103 intre \u00eentr-o faz\u0103 de acumulare, iar interesul investitorilor pentru cripto a \u00eenceput s\u0103 creasc\u0103 rapid. Aceasta a fost ultima pia\u021b\u0103 bull, care a durat peste doi ani.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen aceast\u0103 perioad\u0103, at\u00e2t BTC, c\u00e2t \u0219i ETH au atins <\/span><a href=\"https:\/\/www.euronews.com\/next\/2021\/11\/08\/ethereum-price-reaches-record-high-and-bitcoin-surges-here-are-some-of-the-reasons-why\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">maximele lor actuale din toate timpurile<\/span><\/a><span style=\"font-weight: 400;\">, \u00eempreun\u0103 cu toate cele mai importante altcoins, cum ar fi <a href=\"https:\/\/coinkickoff.com\/ro\/solana-sol\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Ce este Solana (SOL)? Cum func\u021bioneaz\u0103 \u0219i de unde se poate cump\u0103ra?\">Solana<\/a> (SOL), <a href=\"https:\/\/coinkickoff.com\/ro\/cardano-ada\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Ce este Cardano (ADA)? Cum func\u021bioneaz\u0103 \u0219i de unde se poate cump\u0103ra?\">Cardano<\/a> (ADA), <a href=\"https:\/\/coinkickoff.com\/ro\/poligon-matic\/\" data-internallinksmanager029f6b8e52c=\"19\" title=\"Ce este Polygon (MATIC)? Cum func\u021bioneaz\u0103 \u0219i de unde se poate cump\u0103ra?\">Polygon<\/a> (MATIC), <a href=\"https:\/\/coinkickoff.com\/ro\/binance-coin-bnb\/\" data-internallinksmanager029f6b8e52c=\"6\" title=\"Ce este Binance Coin (BNB)? Cum func\u021bioneaz\u0103 \u0219i de unde s\u0103 o cump\u0103ra\u021bi?\">Binance Coin<\/a> (BNB), <a href=\"https:\/\/coinkickoff.com\/ro\/avalansa-avax\/\" data-internallinksmanager029f6b8e52c=\"11\" title=\"Ce este Avalanche (AVAX)? Pre\u021b, istoric \u0219i unde se poate cump\u0103ra\">Avalanche<\/a> (AVAX), precum \u0219i alte criptomonede.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00cen mai 2022, pia\u021ba <\/span><a href=\"https:\/\/youngplatform.com\/en\/blog\/news\/history-of-bear-markets-from-1929-crisis-to-crypto-crash-2022\/#:~:text=The%20crypto%20bear%20market%20of%202022%20began%20in%20the%20spring,further%20fuelled%20this%20bear%20market.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">a intrat \u00een cea mai recent\u0103 faz\u0103 bear<\/span><\/a><span style=\"font-weight: 400;\">, care a dus la sc\u0103derea dramatic\u0103 a pre\u021burilor criptografiilor \u0219i la reducerea pie\u021bei de la un plafon de pia\u021b\u0103 de peste dou\u0103 trilioane de dolari la sf\u00e2r\u0219itul anului 2021 la aproximativ 800 de miliarde USD p\u00e2n\u0103 la sf\u00e2r\u0219itul anului. <\/span><b>De\u0219i pie\u021bele bear dureaz\u0103 de obicei \u00een jur de un an, nu exist\u0103 o modalitate sigur\u0103 de a spune dac\u0103 ultima pia\u021b\u0103 bear este cu adev\u0103rat aproape de sf\u00e2r\u0219it.\u00a0<\/b><\/p>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><span style=\"font-weight: 400;\">Concluzie<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\"><b>Investi\u021bia \u00een criptomonede are un poten\u021bial de profitabilitate foarte mare, dar este, de asemenea, extrem de riscant\u0103, deoarece criptomonedele sunt foarte imprevizibile \u0219i nu exist\u0103 nicio modalitate de a \u0219ti cu siguran\u021b\u0103 dac\u0103 o anumit\u0103 coin va cre\u0219te sau va sc\u0103dea \u00een valoare.<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Unele proiecte reu\u0219esc s\u0103 profite de valul pie\u021bei \u0219i s\u0103 se dezvolte, \u00een timp ce altele se sting. De asemenea, chiar \u0219i proiectele promi\u021b\u0103toare nu reu\u0219esc uneori s\u0103 supravie\u021buiasc\u0103 pie\u021bei bear.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Ciclurile pie\u021bei criptografice descrise \u00een acest ghid v\u0103 vor ajuta s\u0103 \u00een\u021belege\u021bi cum func\u021bioneaz\u0103 pia\u021ba criptografic\u0103 \u0219i care sunt fazele sale cheie. Cu toate acestea, aceste cuno\u0219tin\u021be nu v\u0103 vor ajuta s\u0103 prezice\u021bi cu exactitate c\u00e2nd se va \u00eencheia pia\u021ba bear \u0219i c\u00e2nd cripto vor reveni la cre\u0219tere.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">De aceea, cel mai bine este s\u0103 monitoriza\u021bi cu aten\u021bie pia\u021ba \u0219i s\u0103 nu uita\u021bi s\u0103 investi\u021bi doar at\u00e2t c\u00e2t sunte\u021bi preg\u0103tit s\u0103 pierde\u021bi.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Criptomonedele sunt active financiare foarte volatile din cauza fluctua\u021biilor uria\u0219e ale pre\u021burilor \u0219i a ciclurilor imprevizibile ale pie\u021bei. \u00cen acest articol, vom analiza mai \u00een profunzime natura boom-bust a criptomonedelor \u0219i diferitele tipuri de cicluri de pia\u021b\u0103 cripto \u0219i vom vedea c\u00e2t timp au durat aceste cicluri de pia\u021b\u0103 specifice \u00een trecut. Acest lucru v\u0103 va oferi o [...]<\/p>","protected":false},"author":3,"featured_media":1876,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-1875","post","type-post","status-publish","format-standard","has-post-thumbnail","category-knowledge","entry"],"featured_image_src":"https:\/\/coinkickoff.com\/wp-content\/uploads\/When-will-crypto-go-back-up-600x400.jpg","featured_image_src_square":"https:\/\/coinkickoff.com\/wp-content\/uploads\/When-will-crypto-go-back-up-600x600.jpg","author_info":{"display_name":"Ian Wright","author_link":"https:\/\/coinkickoff.com\/ro\/author\/ianw\/"},"_links":{"self":[{"href":"https:\/\/coinkickoff.com\/ro\/wp-json\/wp\/v2\/posts\/1875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinkickoff.com\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinkickoff.com\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinkickoff.com\/ro\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/coinkickoff.com\/ro\/wp-json\/wp\/v2\/comments?post=1875"}],"version-history":[{"count":4,"href":"https:\/\/coinkickoff.com\/ro\/wp-json\/wp\/v2\/posts\/1875\/revisions"}],"predecessor-version":[{"id":3847,"href":"https:\/\/coinkickoff.com\/ro\/wp-json\/wp\/v2\/posts\/1875\/revisions\/3847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinkickoff.com\/ro\/wp-json\/wp\/v2\/media\/1876"}],"wp:attachment":[{"href":"https:\/\/coinkickoff.com\/ro\/wp-json\/wp\/v2\/media?parent=1875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinkickoff.com\/ro\/wp-json\/wp\/v2\/categories?post=1875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinkickoff.com\/ro\/wp-json\/wp\/v2\/tags?post=1875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}