Bitcoins recovery:
At least he hodled. Yeah I was watching the superbowl. I’m getting the full American experience. My new favourite food is Roscoes chicken and waffles. Bit of hot sauce on the chicken. Oooo.We’re dipping hard boys. Dipping hard. We’re losing almost $50 billion a day at this rate. I don’t mean to down play this, this could be over tomorrow. Or it could take years to recover from. No one is sure.
It’s a perfect storm of growing to a ridiculously high unsustainable peak compounded with bad news after bad news. If you zoom out 3 months it doesn’t look that bad, when you consider when you could’ve sold at the top, or potentially a lot of people buying at the top, then this is one of the most painful crashes in recent memory. Which is a huge psychological hurdle for many to overcome.
This is what scares me most about this crash. Bitcoins main function is as a store of value. If you check out this chart you can see just how little main stream adoption we have for using it as a currency.
with good reason it is not ready yet. Being this volatile it is no longer seen by many as a very good store of value.I don’t agree with this mind set, but that doesn’t matter. It’s what people think generally that matters, and they will care about the shorter term. The general public want to buy and sell at any point of any given day, and wild swings like this are bad for them. They will ask things like: Why is bitcoin a better hedge against inflation then say investing in an index fund or some other way that people use to store value and not suffer from reductions due to inflation?
Of course if you zoom out and look at Bitcoins stability year on year, it paints a different picture. The actual value of Bitcoin for me is choosing mathematics over politicians, sovereignty of my own money and being able to hedge against fiat. I want a rising USD price too but I’m ok to wait.
Let’s think about what is good about this crash. Let’s say the vision of crypto has clicked with you, and you have no fear of the USD price or no fear that the USD price will go up, it’s a chance to accumulate more before the actual market recovery. It’s a hollow victory for many I know. But it is something and not insignificant for many.
Many are hoping from some bullish news from the SEC tomorrow.
We see what these guys say tomorrow: https://www.banking.senate.gov/public/index.cfm/hearings?ID=D8EC44B1-F141-4778-A042-584E0F3B9D39
Great summary of it here on Twitter, I will link below:
Support from the SEC is a huge deal. If America issues a clear and positive statement this could be the ripple effect around the world and the start of something huge. Or it could not be. And the whole thing is just more vague nonsense. The end of the dip people are hoping for! I really hope so too. Positive news out of them combined with another drop in marketcap would be imo disastrous for investor confidence. Fingers crossed.
The market cap in crypto is down to $325 billion...a lot of money has left the crypto scene. I'm still HODLing...and looking to make some new purchases is more large cap cryptos. Seems too risky to get into the small cap cryptos right now.
Today its a risky investment and OTSS (only the strong survive). Someday it will swing back and the mainstream will be back on board!
What is really funny is that we are hoping for positive news from the SEC to save crypto.
We have been on a month long coordinated FUD fake news attack and then 3 weeks of coordinated sell offs from Big Money posing as weak hands. But we are hopeful for positive news from the Establishment.
I have a really BIG feeling there is no chance for positive news from the SEC and any possible positive news will be manipulated to sound negative. It could go like this .....
SEC recommends everyone to buy crypto and invest in blockchain tech because it is the future and you will never be broke again.
BUT her comes mainstream news.
BREAKING NEWS!!!!
The NY Times reports crypto is illegal, there are no foreseeable uses for blockchain technology, and there never was. Also, Lamborghini has closed up shop. The moon was blown out of the sky by Bitconnect
Appreciate the candidness
haha, that's epic. 😀 😁 😂 🤣 😆
Hey Crypto-daily, so you are now also starting to post video scripts? Absolutely like it! 👍
Cu Chris aka smallstepschange 🐾
Buy! Buy! Buy your tickets to the moon guys! Clearance sale!
Thanks, very good post !!!!
Awesome Work!
Keep it up!!!
@cryptoinvestinfo
Disclaimer: I am just a bot trying to be helpful.
Great video!
I don't ever expect anything great to come out of the SEC, but here is to hoping! As long as we understand the benefits of a blockchain world. We will get there, I do feel bad for the people who hopped in high, and got out low.. I know the real value of some of these companies though. Like BAT, and Steem. Both functional, both have better potential than their non blockchain counterparts. Always enjoy the videos, you are appreciated yo!
stock markets getting rocky... All assets getting rattled... Big show about to go down. Wait and see how crypto responds...
At least he HODL! X*D nice start crack!
'The actual value of Bitcoin for me is choosing mathematics over politicians, sovereignty of my own money and being able to hedge against fiat.' Thinking this more long-view is probably a better position to have in times like this.