The Crypto Bloodbath Continues, What to Do Now
What a rough first quarter of 2018 for cryptocurrencies.
Over a half trillion of value… poof, gone. And it hasn’t helped the SEC has been launching inquiries and investigations all month.
So is it time to throw in the towel? I’ll let you know what I’m doing below.
The last time cryptos saw a bloodbath this bad was back in 2014 after the Mt. Gox hack. Really is mostly just bitcoin. At it’s peak bitcoin’s market cap topped $12 billion. Then it fell to under $3 billion. It took over a year and a half before the crypto market rallied again.
I don’t think the crypto market is dead. And I don’t think it’ll take as long to turn around this time either.
At this point much of the excess is out of the market. Sentiment is at an extreme low. Sure we can still go lower. But I think the upside potential outweighs the downside potential at this point.
It’s good to look past the price movements and the regulatory fears. There’s still a lot of positive things going on underneath the surface.
Things like Circle buying Poloniex for $400 million. Plus the South Korean investment group that bought Bitstamp for $400 million as well. You don’t spend that kind of money if you think crypto is about to die.
And of course Coinbase has been making major news with its index, Barclay’s account, and support for ERC20 tokens. Plus, Coinbase Custody is on the way. That’s big because institutions will be able to buy cryptos if there’s proper custody in place. That could mean billions flow into the space.
There’s other positives too. I read the CBOE wrote a letter to the SEC urging them to support a bitcoin ETF. That would be big too.
There’s also Coinfloor in the UK which said it’s going to launch the first bitcoin futures contract that’s actually settled in bitcoin. Gold and silver bugs will know why that’s important.
Anyways, lots of positives even in such a negative market. And I don’t see any of the good projects throwing in the towel.
I’m a hodler like George.
and trade cryptos on Binance
Yea, I first invested in BTC right before MT Gox 2. I "bought the dip" at $800 and watched it drop to under $200, but I held on. This does feel similar, so I guess I have no choice but to hold on again. I do think that it will recover a lot faster this time though...maybe a few months.
That's funny I bought that dip too. I just 'forgot' about btc for two years and then it was all good.
HODL, there will be a rally its a matter of when. personally I am waiting for it. Not holding my breath though.
Lol, I'm not holding my breath either. Likely more pain is needed first.
On yea, bitcoin was os overvalued in December.
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Sweet.
The first thing to understand when doing hodl is that you are not the only one, there are a lot of people who also like us are waiting with their BTC in their pocket and they will not let it die because they understand that there is a fundamental value in its existence that does not lie in its price, but lies in freedom.
I'm not going to lie, since I joined the market I've only made money, even with today's depressed prices I'm winning for what I invested, however, I'm in hodl and will remain in hodl even if my numbers turn red.
That makes you, me and George ;-p
Very informative, thanks for sharing. I've smashed the upvote button for you!
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Bitcoin & #Ethereum prices are both in a freefall as the #bloodbath continues. Bitcoin, which is now below $7K, was trading around $18K in early January. This is a not-so-good Friday for #crypto investors. But every #bubble has to burst to achieve long-term prosperity. $BTC $ETH
Just holding sir this is worst quater.
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I completely agree. Followed and upvoted. Here's my take on the recent bubble https://steemit.com/cryptocurrency/@crypticat/what-s-happening-meow-crypto-bubble-bursts at least you are pushing conspiracy theories 😺
lol;
great one