The bears are giving everyone a rude awakening this morning. Bitcoin has taken a "quick" $10,000 (>20%) drop in the last three hours, dipping below $50,000 to around $48k. It has since rallied back above the $50k level but it just shows how fast it can happen. As I've stated in the past, make sure you are taking some profits on the way up, especially in your alt coins. ETH wicked all the way down to $1550.
Personally, I don't feel like we're entering a bear market or anything. It could go lower, or not. But it IS a stark reminder that as fast as it goes up, it can go down even faster. If you believe in it long term, buy the dip.
As always, just my opinion. I'm not a financial advisor....
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Yeah, I think the fact that it jumped back up to the 52k/53k range is a pretty good indication that we are still a ways away from a bear market. Hopefully anyway!
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Yes, I think there is some BIG money with some very strong motivation to keep this thing above the $1T mkt cap so some of these pension funds/insurance companies/etc. can start buying it. That's between $52-$53k so....I wouldn't expect it to dip much below that. They are going to be highly motivated to make sure it stays in that asset class. I'm not sure what their rules are for if/when they have to liquidate. It could be that if the asset drops below $900B then they are forced to sell. Or it could be that if it drops below $1T for a certain time period. Who knows? Like I said, all I know is that there are some highly incentivized people with a very vested interest in making sure it doesn't go much lower than where we're at....
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For sure!
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Funny Monday
We are already back where we been just THREE days ago !
Everyone was screaming last Friday, LOOK, we are at $53600 !
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Yes, one of the things traders talk about is "filling in the gaps" in the futures markets. Typically, in other trading vehicles, if the futures market opens with a "gap" in between where they closed on Friday and where they open on Monday, the market tends to fill it in. So, I'm not sure where BTC was priced when the markets closed in the US on Friday, maybe $55,000ish, but they don't like "gapping" on the futures market so well over 90% of the time, the underlying asset will trade back down (or up) and fill in the holes. I don't understand the dynamics of it but....just what happens.
Hey, while I'm "talking' to you, could you answer a question for me? I just bought some more Leo and staked it here, but I also did some wLEO on metamask. If I use that to provide ETH/LEO liquidity on UNI is that included in the snapshot for #ProjectBlank? That's what I'd like to do if it is but...I just found out what HIVE was a little over a week ago after getting frustrated with Steemit a couple years back so my head is spinning with all the different things going on over here. Thank you!
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