1.2 trillion dollars disappeared in just 10 days from the Crypto market ...
It took us more than 3 months to go from 1.2 to 2.4 Trillion and only 10 days to do the same journey in the opposite direction... which is volatility at its maximum exponent.
Specifically, they fucked all the newcomers who bought BTC or any other crypto in the fervor of the bull cycle, in the heat of the new hot product, aka, DeFi, and the promise of 400,000 USD by the end of the summer.
It is possible that I will be wrong again, but this correction has been super painful for many... although perhaps not for me and for those of us who have been in crypto for a few years now.
All those who had to "transport" us to "Saturn", the so-called newcomers, have sold at a loss or have become forced HODLRS, praying that at some point BTC reaches 50,000 again and they can get some of their money back , because most of them bought BTC 3 months ago being this already above 50,000.
What can happen now?
Possibly the latter... the "new HODLRS" will try to hold out until they reach a figure close to their entry price and sell either at a loss or with minimal profits and WILL NOT put a single penny in crypto again, possibly ever again...
The selling effect may be the trigger for another correction towards a lower limit as I said yesterday... unless the institutions clearly see the opportunity to buy massively, today it is not clear to me that the market can rise next...
I'm worried that the market has treated rookies so badly that we can't catch up with this drop ... but for now let's hope for the best.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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If I was a newbie to crypto I probably would take my loss and run.
Although I was a victim of the 2018 crash. Aren’t we all and we are still here.
Wrote an article today how crypto faucets can help people understand crypto before they would invest in it.
I do think that this would be a much better way for crypto virgins then to het burned!
Cheers,
Petet
It wasn't the market, it was those who have orchestrated this whole crash.
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Maybe we do understand but a crypto newbee wouldn't.
90% of the ones who did get burned will never come back.
The first meeting with crypto can be great and brutal at the same time.
Still do have the opinion that the biggest value of the faucets is that it is some kind of boarding school for newcomers. That was also the original idea behind crypto faucets!
The thing is, crypto is available and accessible to anyone and this is good as we don't want restrictions and regulations, right?
In the same time you can't stop them to buy or trade and take leverage. If one has internet, also has access to a lot of reading materials about crypto, even for free. So it's up to them if they want to jump in both feet or not.
I understand many have lost a lot of money but some need to learn the hard way.
!ENGAGE 20
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ENGAGEtokens.Fully agree despite I think this time they exceeded their own expectations
I'd love to know who did this and what was their target.
Thank you for sharing your point of view once again! It is always interesting to read your thoughts on the market.
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The beating will continue: until morale improves!
Definitely a horror show right now but isn't it better this way? I may be wrong but I feel this will educate the next set of investors to be a bit more cautious and do more research on the space before investing like it were a ponzi scheme
As our digital Crypto Market has essentially a hyper-accessible, hyperactive reflection of the stogy ol' Stock Market I think it's fair to stop worrying and start if not loving, then at least accepting the Bust part of the Boom-Bust cycle. Crypto Booms harder it's quite reasonable that it would bust harder as well.
One might say it's inhumane but at this point it doesn't matter how many get burned to never touch crypto again, fresh investors and institutions will keep flocking to crypto -- the easy access to liquidity is absolutely irresistible.
The worst case scenario for newbies, but they have to learn somehow. I've lost money in the beginning as well. That's how life is.
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Not quite pleasing it must be for newbies but i believe it will teach them patience for those who entered the crypto verse for the long term and they also get to learn one or two from it