So I just got into cryptocurrency back in mid december.....3 days before it dropped....a lot. I told myself I knew it was going to happen but I just wanted to get in there, start buying, selling, and trading and creating a portfolio for myself. Now I wasn't one of the guys that heard bitcoin was skyrocketing and went on dumped my life savings into it or took out new credit cards and maxed them out into bitcoin. I did my research, I learned what bitcoin was, where it came from, what its doing, and where its going. I looked at all the different alt-coins and what they are doing. Which ones people thought were going to go up, and researched them on my own.
After days of research I got into it, and it crashed. I started looking at why it crashed, will it go back up, has it done this in the past. I couldn't get a real clear answer on any of those questions. Now After the 2nd big drop in crypto in the last 4weeks I knew something was happening. A lot of the news was going on that it was because Korea and China are going to start cracking down on it. Sure, it is a strong possibility, then I saw articles like these:
https://thenewdaily.com.au/money/finance-news/2018/01/17/bitcoin-crash-chinese-new-year/
And it clicked in, a good percentage of people are just in it for the short gain. Saying this, those people will sell their coins for the cash for the holidays, traveling, gifts etc. Just like before christmas, it took a hit, the chinese new year is coming up so it takes another hit.
As I'm writing this, prices are slowly returning upward, but looking over previous years, it wont be until mid-late february that the currencies level out and start to rise again.
These are just my thoughts on the matter, tell me yours, I am by no means a financial expert, I just do research and say what I feel is going to happen. If you feel something different, please let me know what you think will happen. We are all here for the same reason so why hold on to your thoughts and not spread and share your knowledge.
Great post, And holidays do make a dent in the Crypto market, But as history shows they have always recovered stronger and reach bigger ATH's.
I too have been involved since Late last year and have experienced HIGH highs a LOW low's. Part of the whole experience.
But the community involved in crypto is so close together and happy to provide help and support to each other (minus a few bad ones). This has changed my idea of money to be made to more of a lifestyle change for all involved.
Thanks for the reply, and I'm just getting into it, and like my friend that introduced me to it told me, its just putting your foot into the rabbit hole and its up to you how far down you want to go...I've already gone down pretty far and it is a lifestyle for me more than a get rich quick. My buddy and I both were talking about when it first dropped and said a lot of people who dumped their life savings into it(which they shouldn't) are panicking while you get other people like us just riding the waves waiting for it to peak again
Perfect way to put it, and those who did put their life savings in wouldn't be able to enjoy what it can offer, stress would take control and panic sets in, its the whole flight or fight instinct that is in all animals. We may be late to the party but we are sure going to enjoy ourselves!
I have been writing here about markets and cryptocurrency for quite some time. I just published my 170th post on Steemit on the topic - just over one year's worth.
Your brief watching has put the finger right on the button. I call it scared money. I have written about it for a while
June 2017 http://mymark.mx/TIB101
Crypto space has brought in a breed of early adopters - right from the early days of Bitcoin mining. They earned pennies doing a little mining or faucet work. Then the ICO's came along and they bought a few - because they knew about them. Roll on to now: price races up - price collapses = scared money heads for the exits basically because they have never had money like this AND they do not have an investor mindset.
Completely agree with you. You get kids(not all but some) who start mining years ago because it was something cool a bunch of them can do. Then fast forward to now, with no real information on how markets work, never really invested, they see the sudden drop and freak out and sell.
Like i wrote earlier, I'm far away from being anything you could call an expert in the financial field, but I do have the common sense to do research, read articles from people that make a living from it, and educate myself doing.
Hang in there. If you look at trends, this has happened every January for the last few years. People are taking profits, or breaking even for tax purposes and, I guess now, south korea officials are being blame for inside trading, so everything should work itself out.
It has in the past and there isnt anything solid to say that it wont. Not worried, just wish would have found this information sooner is all lol
We all wish we found out about cryptocurrencies sooner.
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