Well I guess we are really going to find out who is in it for the long haul now.
I thought that this type of dip would only be found in nightmares or on Wojak memes on Twitter and Youtube, yet here we are.
To see Bitcoin dropping wildly like it's an altcoin is just insanity. I know that we have seen some huge volatility swings during the lifetime of the asset, but being that we are seeing more plumbing than ever before being laid to support the asset and the ecosystem at large, it feels really bad to see the market leader diving off a cliff like this.
I am just in a state of shock over this situation. I know that we aren't completely dead, but there is a ton of negativity floating around the internet today. Nothing has necessarily changed except for USD valuation and we are absolutely heading into a recession, but I just wasn't quite expecting a huge dump day like this one.
Why You Shouldn't Panic Sell
I think that selling now would be just a useless idea. You'd be booking a major loss and with the economy at large heading down, there's not really a better place to park your money in my opinion unless you want to put a lot of trust in the FED and buy treasury bonds (a risky play as well in my opinion).
If you don't know exactly what you'd want to do with the money, I am of the mindset to ride out the waves and try to accumulate and bring down your average cost. Of course do your own research, but I plan on stacking some assets over the next week, despite the fact that I believe we have further downside to experience over the next few months.
In positive news, I have seen a ton of stuff about a BTC ETF getting approved soon in America and if that is the case there will be millions of potential new investors. At depressed prices, people may be interested in the ETF expecting a rebound when people are getting back into risk assets a few months/years down the road.
For now, I'll continue being broke, but not diverting from my plan. It does absolutely suck, but hey... Maybe it'll work out in the end. Good luck people.
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Who I am:
My name is Rob and I am a financial analyst with interests in cryptocurrency and blockchain. I have enjoyed my time thus far engaging with Web 3.0 and am looking to continue learning more and sharing what I learn through my experience.
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