It is not a secret that in the last few weeks, most of the retail people got slaughtered. If we are talking about Bitcoin, it came down more than 50% from its all-time high of $69,000 and is now hovering around the 35K mark. Most of the altcoins are down even more than that and it's safe to say that people got rekt, myself included. Even though I've been here for some time, I took only a small bit of profits on the top and didn't learn from my past mistakes.
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Even though the view out there is apocalyptic, there is always light at the end of the tunnel, right? I have no idea how much time it will take for the markets to recover and if we're in for a multi-year bear market, all I know is that stocks are falling like bricks and they're taking crypto with it. Once the stock market opens up on Monday, we're up for more volatility, probably downwards.
But will the FED let markets crash by sticking to their words and really raise interest rates or will they save the day once again by coming out with some other statement? The next FOMC meeting is on January 26th (Wednesday) so keep that in mind. Until then, we may crash even lower or maybe have some relief pump but if we look at the stock market, no relief is coming until it gets lower on Monday. But then again - maybe that's what the market makers want you to think.
I personally think that crypto will continue to correlate with the stock market and plunge even more. Once the bottom is in, crypto will bounce back with new strength and probably even more use cases and global (international) adoption. From what I've read, more countries will try to make Bitcoin legal tender in 2022. It's good for them now because they'll be able to buy coins at a nice discount.
In times like these, it is important to remember that crypto is going nowhere. There are communities out there that will continue to build in the background for when the next hype train arrives. There are people who enjoy bear markets because then they can fully focus on building and inventing rather than copying what is trending.
Instead of being emotional and thinking back, look forward and if you took profits on the top, start dollar-cost-averaging into projects you are sure will be there in a few years. For example, I am sure that hive and leofinance will be there as long as crypto is alive. Even though the prices are down, there are still thousands of people working every day to bring new blockchain projects to other people, and improve the projects that have been there forever.
Thank you for reading and stay strong my lions!
Posted Using LeoFinance Beta