This week, the steep decline in prices that started on Friday the 6th continued. Bitcoin went below $30,000, ethereum went below $2,000, and pretty much the entire price market declined in double-digits. The coins that had the most speculative and hot money parked in them experienced some of the most precipitous falls. Out of all this the algorithmically asset-backed stablecoin Luna went from a previous decline to the $80s range down to less than a penny in just days.
Given how quickly the supply expanded, that it should collapse just as quickly seems to fit, though there were very few people who would or could have predicted that it would collapse in so spectacular a manner.
If I’ve seen one thing emerge on Twitter, it’s the I-told-you-so’s who tout the strength of the bitcoin protocol. There’s nothing wrong with parking your financial wealth in the most conservative, steady, and decentralized network out there, but there’s no reason not to look at the coins and token of other protocols to invest in. Just do your due dilgence and manage your risk.
If there is not a quick recovery in prices, I guess it would be safe to say that we are in a bear market (which, if you wanted to gauge from past cycles would be rather on-time, given we just passed the halfway point to the next bitcoin halvening.)
That said, if you are new to the space, here are some of my thoughts and lessons learned from the 2018-2019 bear market. They might help:
-we’re going to see GPUs and ASIC miners go on sale as people with low margins, or unrealistic expectations jump ship
-if you are in this for the long haul, and/or you understand the fundamental nature of blockchain technology and how these protocols will be use to change our world, this is a great time to accumulate more tokens and coins. The best way to avoid having to time the market is to make weekly or monthly buys (dollar-cost-averaging)
-the lack of movement, especially upwards movement, will drive you to your limits and probably disgust you. It will move within a range and stay there longer than your sanity can hold on
-as the prices move sideways, now is a good time to channel that energy into education- learning about the technology, learning about the tech
-if you do not yet have a long time horizon, after this experience, you will
-all the weak hands, get-rich-quick types (and probably even some protocols built on the move-fast-and-break-things model will wither and close shop. Now that the tide has gone out, we’ll be seeing who wasn’t wearing any pants, so to speak. I refer you to an old video clip I came across back in early 2018:
So to close, hang tight, prices will recover, but it’ll take time.
Due to the nature of my work week, plus with main news being the decline, I’m short on articles worth sharing.
Be well, Everyone.
Follow TinyCryptoBlog – Website | YouTube | BitChute | Odysee | Brighteon | Twitter | Spotify | Facebook | Medium
Articles on Medium this week
Have We Been In A Bear Market This Entire Time? (seems it was coming, though)
The Cost of Crypto Podcast
This Week In Twitter
CBDC (are just Surveillance Tokens)
–90% of surveyed central banks are exploring CBDCs — BIS
Company / Product / Project News
CRIMES AND SCAMS
–OpenSea’s Discord Channel Compromised, Hackers Promote NFT Scam
DeFi and Lending
–Over $80 Million Stolen From DeFi Lender Rari Capital [Another DeFi hack? Shocking I say. Shocking.]
Fundraising (keep an eye on these names)
Implementation and Infrastructure
Nation States (and other political jurisdictions)
Regulation, Legislation & Legal Matters
The Wall Street
KEEP AN EYE ON THIS –> https://bitcointreasuries.net/
…AND THIS –> https://www.buybitcoinworldwide.com/treasuries/
–Grayscale tells SEC that turning biggest bitcoin fund into ETF will unlock $8 billion for investors
You Do Not Change Bitcoin. Bitcoin Changes You.
“Bitcoin will eat the world.” And it is.
Categories: Weekly Headlines