Crypto Nosedive? Perhaps It's Just Time to Dig in…

Unless you've been living in a cave somewhere, you're probably aware that the crypto markets have taken a sudden nosedive over the past few days.

Unlike most such events, it seems like each downturn has not resulted in a "bounce back," but only in another leg down.

Of course the eternal "crypto evangelist" are busy yelling "buy the dip," but we're probably in for a bumpy ride for quite a while. I don't watch this stuff much, but as I sit here in the US I'm not just watching crypto, I'm also watching the fact that the Tokyo stock market — which leads us into a new week — is taking a 12% bath this morning, and the US stock market futures are down 4-5%.

Times like these test us all and for those who haven't been around the block a few times, the temptation seems to be to run for the hills and sell everything "before it gets worse," but it's probably too late for that; time to just batten down the hatches and hold on.

In my early days in this community I remember our own Steem token declining to less than $0.07 for a while and it seemed like there was just no direction but down.

It may be a bit counterintuitive but on this kind of crypto social site the best time to be active is often when things are going towards the worst!

You see, a lot of people do tend to just give up and throw in the towel because things are not going well and they claim it's "not worth their while" anymore, and ultimately that leaves a pool of fewer active people competing for the daily pie, as it were. It's also a good time to build your Steem power balance because you get more in terms of number of tokens than when things are going really well.

I'll hasten to add that this should not be taken as investment advice! This is just me rambling on about what we've seen before.

It's late, and I'm tired and this isn't much of a post, but it'll be interesting to see where things head during this coming week. It seems like there's just a conjunction of different kinds of negative news and unrest around the world that's conspiring to put pressure on things financial from pretty much every angle from the geopolitical, to the financial and international.

Kind of makes me glad that my primary interest here is in writing blog posts and engaging with other people, not in speculating and investing!

So thanks for stopping by once more, and I hope you have the best possible week you can!

How about you? Are you worried about crypto and the financial markets? Leave a comment if you feel so inclined — share your experiences — be part of the conversation!

(All text and images by the author, unless otherwise credited. This is ORIGINAL CONTENT, created expressly for this platform — Not posted elsewhere!)

Created at 2024.08.05 00:35PDT
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