If It's Financial, It's Taking a Beating! Markets in Free Fall - A Great Time to Buy?
As I write this, the price of #Bitcoin is below $7,000. And there's red ink across the board, in the crypto markets. Meanwhile, the stock markets are diving: The Dow Jones is off 400+ points after losing 665 on Friday. Time to buy the dip?
Fears of the stock market bubble popping is causing investors to panic in all markets, and cryptos are taking their beating alongside every other asset class. The DOW is already down 1.7% at the open today!
Yeah, and the Down ended down over 1000 points today... of course, now we get to see just how true the idea that Bitcoin is "digital gold" might be.
Watching for the $4-5k range as it's near enough to the mining costs. Only time will tell. Seems equities are taking a breather before resuming uptrend as bond yields continue rising. In my view, not the time to be entering new positions in crypto nor equities, unless you're a latecomer to the party starving for yield - always a losing proposition.
With the regular stock markets nosediving at the moment it'll be interesting to see if the cryptomarkets follow them down, or if they start living up to their (no yet earned) potential reputation as "digital gold." If the latter, we should see some money flowing in, soon...
That's what I've been doing.
buying
every SBD I can get my hands on lately
goes to Crypto (outside the blockchain)
my rewards are set at 50/50...so I'm investing half in SP.
Seems to me like the wise thing to be doing. Even if things drop another 10-20%, you're still going to capture some nice gains on the rebound.
I've not been investing enough hours into it as of late to try in what limited capacity to understand the madness. . Everyone seems to be rather mix.
Many say its been long over due, others blames taxes, and others want to blame the stock market. As we know is when the wind blows every so slight our markets crash.
Incase you don't have better option this is one place I use for charting.
https://www.tradingview.com/markets/cryptocurrencies/quotes-all/
Some of this is definitely overdue, but now it's all fear driven-- there's panic like selling, both in cryptos, as well as in the stock market. At some point-- soon, I imagine-- the bargain hunters are going to come into the market and start cleaning up. What happens from here in... I'm not too sure of. Another round of FOMO rises... or have people been burned to the point of being more cautious?
There's a guy named Avi Gilbert that I have some respect for with his Elliott Wave analysis. His charts indicate that the stock market will recover. This isn't investment advice, and a lot of people have mixed emotions on Elliott Wave. Just something I wanted to note.
Yeah, I saw something like that in a couple of posts, earlier today... although there seems to be mixed impressions about WHERE on the wave we currently are.
A little disconcerting about the Stock Market. People taking profits on the big runoff the past year.
Oh well, long term the performers and producers will rise to the top. Just a little bit of discomfort in meantime for many people.
Thanks @denmarkguy for your post
The stock market-- in my opinion-- was way overdue for a correction. It had been a long time since even a 10% correction, and it seems like that's what we're seeing now. Right now the after hours trading suggest another several hundred point loss tomorrow. With cryptos already down, one has to wonder of some of the investment cash on the sidelines now will find its way over here?
Yes a tough day for bitcoin. Bitcoin is dipping in the same way as it value shot up in the last 03 months of 2017. It all happened due to china strict action against crypto currency and robbery of bitcoins in Japan. It's time to show patience. Patience is virtue. Some people say it's a good time to buy crypto currency. Hope for the best. All the best to cryptonians holder.
Thanks for sharing @denmarkguy
Yes, definitely a good time to be patient... I feel pretty sure things will settle down again in fairly short order.
As Im not involved that long period, I only see a downtrend so far. I also looking forward for much better times.
But I keep in mind, as long as I dont sell, I dont loose money ,..... and I trust that it will go up again. And better today then tomorrow ,.....
The way I look at it, the underlying technology behind the coins/tokens is still there and remains as valid as ever, so I see it going back up.
Just HODL, the only thing we have to do. But indeed, love the green color much more :-)
Well, we've gotten very used to "being in the green." Hopefully things will turn around soon...
I sure hope this is time to buy the dip....... because of this isn't time to buy the dip then we are all going to be royally screwed soon.
A couple of hours back, BTC briefly went below $6,000... we're getting closer to what some see as "absolute bottom" which is the actual cost of mining... the market is starting to get "oversold."