Today we woke up to a massacre, there was blood everywhere, everyone was posting (still is) and tweeting about what Bitcoin did and along with Bitcoin, the alts as well.
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At the moment of writing the 24 h high and low is surprising, High 61,265.30 - Low 51,680.00. That's almost $10k.
Personally I'm not affected yet and I don't think I will be as even if it goes lower, this is temporary, so I see no reason to panic and I'm not going to sell.
There has been some concerning news about Bitcoin, that have contributed to this carnage. One is the power outage in Xinjiang, China has knocked out a good part of bitcoin miners, around 40%.
“If the hashrate [in Xinjiang] remains offline, it means we will find blocks less frequently than the target (every 10 min) and that will have some downward pressure on next difficulty adjustment. So it really depends on how long this outage lasts to determine how big of an impact it will have on mining profitability,” said Vera. source
While Ethan Vera, Luxor Mining CFO is optimistic, this incident highlights how much of bitcoin mining is still confined to China and this is not exactly promising.
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We don't know what financial institutions are targeted, but my guess is it is about exchanges. I guess we're going to know more tomorrow, when institutions start working.
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CUB DeFi is also affected, Market Cap and TVL dropped both, not to mention CUB price. At the moment of writing it is at $3.261. BNB has a big role in this as just like Bitcoin, Binance token 24h High was $530.89 and the 24h Low $429. $101 drop in 24 hours is huge.
This means impermanent loss when I look at my wallet value, but again, no need to panic. Impermanent loss is impermanent and not permanent. CUB DeFi is also a long term project, so HODL and buy the dip!
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Hive had a roller coaster ride as well, swinging between $0.629 and $0.472. This was expected, it wasn't a surprise.
We all want Hive to moon and this bloodshed is shifting things in the opposite direction. My plans have been turned upside down, but this is the cryptosphere, you can never take anything for granted and have to have a plan B.
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Strong hands are buying and not only hive but BTC, BNB and I bet a lot of other coins as well. What is terrible for some is great for others. If you compare the HIVE chart with the BTC chart, you can see almost the same evolution, dip at the same time.
What's The Plan?
As I said earlier, my Bitcoin plans are not threatened by this dip. I would buy more if I could but my funds are tied elsewhere and can't free up more at the moment.
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The good thing about the whole crisis is that I don't need crypto at the moment and I like to keep it that way. This is why this bloodshed is not affecting me at the moment. It is however a big problem for those living off crypto. Must be terrible to see the value of your earnings drop significantly and knowing you need to sell in order to survive.
Even though I'm not affected by it at the moment, there's something I can learn from it. I need to secure some funds just in case it happens again and not miss a good occasion.
I'm curious to see what's going to happen tomorrow, institutions might change a lot on the situation.
Buy the dip, HODL, sell high, buy the dip, HODL, sell high 😜
What about you? How is this bloodshed affecting your plans?
P.S. By the time I publish this post, the market seems to be calming.
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Buy the dip but where is the money to buy the dip. Print more money¿ What if people bought crypto just before the dip. What happened yesterday was very unexpected
i did, i think that is why it dipped :)
it all depends why are you buying. at the moment if nothing changes i am buying to hodl for well long period of time. if we get the "speculated" bull run till the end of the year i will probably sell some for fun.
If you are investing for a quick profit, things that happened today are devastating. If you overextended and invested more then you should, things that happened today are scary.
I got panicked in the morning somehow. I backed my bnb to BUSD when it was going down to 420 USD and then bought back my bnb because I need to do some yeild farming. Lost 30$ in the process. Price was moving way quickr smh.
i am not a trader nor crypto expert but panicking usually don't end well. I kinda just watched it drop :)
moving it to stable then buying in could end up good but you really need to time it and kinda be lucky.
Yep, would have waited for a while.
I didn't buy anything these days, so I'm safe 😀
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I can't help you with that. I'm only responsible for my own finances.
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Well I don't need your help.
🙂
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CUB price did pretty good to me, now it recovered a little bit. Also, I think now is a good moment to buy HIVE and LEO.
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I agree, compared to BNB, CUB was relatively stable.
Indeed, if you want to invest in HIVE and LEO, it is a good time.
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I'm not even worried, I hope gold and silver pullback too, I have been waiting to fill my bags more.
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Me neither, opportunities like this can give you a lot of advantages.
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It was quite scary shock twas very scary dump
On the contrary.
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That's why its important you term certain investments as long term
I would totally disagree with that.
What's important is to term your investment correctly, long term investments as long term and short term investments as short term.
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Hmmm...
I guess we're still basically saying the same thing. Let your investments be classified.
Thanks for the reply though.
Classified correctly would be the right term 🙂
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Thanks...😊