Hello HODLers,
Well, the past 48 hours have been quite rough on my Crypto Portfolio as Bitcoin and Altcoins decided to bleed out.
I do not think there is a specific reason for it even if I read some journalists to find some dodgy explanations. I believe the market overheated around 50-60k per BTC and after this new retail wave came in, numbers have just been trending down.
DeFi kicked the last bull market and I think I might know what will start the next one... But this will be for my next post.
As of now and if you followed my previous posts, you know I invested some of my assets in StableCoins to earn a 45-50% APY. If you missed it, here it is: Do you know 🐰 RabbitFinance.io, yield optimizer on BSC?
What to do next?
First, I am very happy I took that decision as the value did not move and I am still collecting this yield.
BUT as you can see below, yield for Stablecoins went down as more people moved to safe assets or lowered (REKKKT?) their leverage and therefore the utilization rate of these coins went down.
Therefore I am thinking of closing these positions to get some Altcoins (BNB, PCS, etc...) or even Bitcoin at lower prices.
The fees and low yield would make this transaction almost neutral at the moment.
I am also thinking I might wait a bit longer to see if we bottomed yet.
Any thoughts on where we are and where we are going?
Which coins are a steal right now?
Latest Analysis
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Is such a nice thing you took such decision to stay on a safe side and escape this red war Bitcoin is facing.
I feel very bad and helpless seeing Bitcoin falling below $30,000 in the market which is not so encouraging to the general market at large.
The whole cryptocurrency market is on red alert as every coins keeps falling, this goes a long way to influence Hive price.
All I hope for is if there will be a factor that will push the market price to a a bullish level that is going to be great and give hope to holders in the market.
My only advice. Stay calm and when it will go back up, prepare yourself to put some cash / stablecoin to be ready in case of a new dip.
By doing so, you never loose as you can always buy BTC lower if you have cash.
Everything will be fine ! Stay safe out there.
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Thank you for the advice, the market is not predictable now so I watch well before buying, I almost made a purchase yesterday but I hold on to observe further.
My plan is to buy when price is low and hold for price to rise for a good pull out on a short term.
For me it is very late to take my operations to stablecoins, but at this moment I don't think it is the best option since there are many regulations coming to stablecoins, and the most popular ones in the market USDT and BUSD are the ones that are in the spotlight, so it is not very safe either.
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Indeed, as mentionned in another comment I prefer BUSD and USDC as they have either more FIAT backed reserved for the former or are GOV compliant for the later.
Thanks for the comment my dear @fabian98
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Ah okay, I didn't know that. thanks for clarifying.
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Cub-BUSD is traditionally the Farm to protect your capitol in a down market.But limits your profit in a up trending market. Stable coins are a duel edge sword, but an important tool in the tool box Thanks for calling attention to them. They are controversial and some of them are a tad scammy, but they are necessary I think...
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Indeed, the downside is more limited and there is less upside but at an APR of c.180-200% it means you get 0.5% yield daily. Which make up for the risk. I have found this farm to be the most profitable.
Agreed concerning Stablecoins. I try to long the BUSD, USDC position and be short on the USDT side as it seems to be the most "scammy' one even if most used :D
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Hahaha 😝! So true. I don’t panick I want to make the best of it but it seems I missed the buying opportunity. At least I did not sell
Rune
Even after 2 hacks /exploits?
I was kind of disappointed to see that it was centralized when they paused the network (maybe I am wrong to understand it that way)
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Perhaps you are right
It is bouncing back today ! Happy for all of the HODLers on Leofinance !
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and RUNE too!!!
I was referring especially to that one ! Moon 🌙
Are you sure you want to do that now? What if there’s a further drop?
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That is why I am still keeping them as I get fees. But I am thinking to buy some long term coins “soon”. Which one would you buy?
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To be honest, I’m not looking to buy any new token right now, if I get a hold of some funds, I will probably just add to my positions. Maybe Ava though, I don’t have any of that
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I am thinking Polygon is starting to take off even if a ton of the Defi platforms has been kind of scams.
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Indeed, but Polygon as the previous ones have flaws evenif low fees. It is still centralized and home to a lot of scams (such as EOS, BSC or DOT).
I come back to the same conclusion, If I were rich I would stay on Ethereum xD
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