Today is not a good day for crypto hodlers like you and me. With BTC down below $7200 and ETH under $150, it is quite a slaughter. STEEM is not doing too well either, sitting at $0.115 as I am writing this post.
If you are feeling uneasy with your hodlings, it is entirely understandable. It is during such times that we have to remember why we got into crypto in the first place. For me, I get into crypto because I want a share of the future of money. I think the current financial system built on fractional reserve and excess credit is unsustainable. Hence, buying crypto is a hedge.
I have a substantial amount in crypto now, but, fortunately, I do not need those funds for my day to day spending. I think that is a very important thing which everyone has to be mindful of. For any kind of investments, do not put in money which you cannot afford to lose. If you over extend your investments, it will be extremely difficult for you to tide through such sudden downturns.
My thoughts about this down move
This move down is very similar to the Black Friday a year ago. I still remember ETH moving from over $180 to the bottom of $85 in a span of a few weeks.
I am not saying that we are going to see sub $100 ETH again, and I certainly do not hope so. What I am saying is that such moves are normal in crypto and such moves are sometimes necessary for a new bull market to start.
In my opinion, this is similar to 1 year ago and we are likely to see a bottom in December again. After that, it is accumulation phase again and the next round of bull market will likely start.
All that being said, I am not a financial advisor and please do your own due diligence and research. After all, it is your own money that you are investing :)
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This article is created on the Steem blockchain. Check this series of posts to learn more about writing on an immutable and censorship-resistant content platform:
- What is Steem? - My Interpretation
- Steem Thoughts - Traditional Apps vs Steem Apps
- Steem Thoughts - A Fat or Thin Protocol?
- Steem Thoughts - There is Inequitable Value Between Users and Apps
- Make my votes count! Use Dustsweeper!
- What caused STEEM to get dumped? Why I think the worst might be over
- Steem 2020 is about having a "SMART U"
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Luckily, I didn't invest any fiat money, and I don't need my Steem money now. And I am here for the long term. So, I am still keeping faith, and hoping for the best a few years down the road.
Haha.. That is good to know!
😊
Buy more? Hodl?
Posted using Partiko Android
Buy more :)
Not financial advice