Hello everyone! It seems that the crypto market today is taking a dive again and is taking its toll on most of the altcoins (coins other than bitcoin) like our beloved Steem. But no worries we have been here before and this sudden downturn is quite common in the crypto space, reversals are also common so just relax and enjoy purchasing Steem at discounted prices.
Photo by Temple Cerulean on Unsplash
Long bearish year
This has been the story In most part of 2018 and it seems that 2018 will be a long bearish year for cryptos which is quite surprising as a lot of institutional investors are more bullish now in crypto than the year before. However, markets now are not really feeling the effects of institutional investors moving in as most of the trading being done by them are done in OTC or in Block trading venues which enables them to buy or sell huge amounts of crypto without significantly disturbing the price movements of the crypto markets.
In fact a currency survey made by a Wall street crypto firm revealed that institutional investors are even more bullish now than before. This is compounded by the fact that crypto-related services for institutional accounts are now more available, from insured-custodial services to exchanges and funds that are being ran by big Wall street firms coming from proven and highy respectable traditional financial firms. Even Yale have invested significantly in a crypto-related firm so what is really going on why isn't bitcoin shooting off the roof?
Perhaps the lack of regulatory clarity in the space could be the reason? or perhaps hype is dying out as stated by the nay sayers? Whatever the reason is the latter is not the case as we have just barely scratch the potential of cryptos and blockchains.
Image Source Screenshot taken @ 2:29PM Oct. 11, 2018
Many pundits have already called the bitcoin price bottom these past few weeks and I was expecting that from there on we should see the market recovering and somewhat follow the price trajectory of bitcoin in 2017 in which accelerated price appreciation was seen at the latter part of the year. However this has not been the case. Today the price of bitcoin broke through a psychological support of 6,500 USD and currently trading at around 6300+. May be I am reacting too soon and I might see a quick recovery anytime soon or this might be a precursor to a much more positive price movement in the coming days ahead as we wait for the result of SEC's decision in reconsidering Bitcoin ETF initiatives.
Bear in mind that many believe that the bull run of bitcoin prices last year was influenced by the approval of the U.S. Commodities and Futures Trading Commission (CFTC) of bitcoin futures. Now will the SEC's approval of a Bitcon ETF will have the same effect as the CFTC's decision? Experts argue that it will be more significant as it entails the actual purchase of bitcoin. Honestly nobody really sure and we can only speculate. We can only hope for the best.
Free Airdrops and Bounties
I am living off crypto 100% (although I recently started again buying and selling some used computer parts) and the year has been savage due to the persistence of the bear market. However I have found refuge in some cryptocurrency activities other than trading. These activities are airdrops and bounties. I have participated in some of these and I must say if done properly this might be the next evolution to freelancing or gig economy. Some fellow bounty hunters are saying that they earn a minimum of 50,000 Pesos (Approximately $1000 USD) a month doing bounties. To put that into prospective the minimum monthly wage of a Filipino is around 15,000 Pesos. As you can see bounty hunting and airdrops is not a bad at all. Moreover, most of these bounties pays you with their utility tokens (security tokens, equity tokens or etc) which can suddenly appreciate in value (or depreciate).
Photo by rawpixel on Unsplash
One good example of this is a project called Vitae which I joined about two months ago where I was only actively participating in the discussions on discord and was getting free Raindrops (Tips given to all chatters in the group) for being chatty. The price of the token that I was gifted with was only around $0.05 USD per token (I got around 200 net as I have given away 98 tokens) Vitae) but a couple of months later I found out later that is shot up to $1 and currently at bear market shot up to $1.60 USD.
Image Source Screenshot taken @ 2:38PM Oct. 11, 2018
Participating in Airdrops and Bounties is a good hedge against falling crypto prices. I may not be in the position to invest money in ICOs but I can definitely invest my time and effort participating in the awareness campaign or activities of blockchain/crypto companies which lets you earn their tokens or coins. Once these tokens reaches the exchanges you can use it as seed money to do some trading or to just immediately cash out.
Most projects give high allocations to high quality blog-post therefore participating in Airdrops and bounties might be a very good earning opportunity for steemians. Try to post your bounty project review on Steemit and use one of its condenser like steemhunt, earn from steemit upvotes, steemhunt rewards and from the actual work you did for the project you have written for, that is TRIPPLE EARNIGS! Quality is king you must make a conscious effort to bring out the best in your work in order for you to earn more by providing quality content and creating articles that people are willing to spent their time to read.
That is all for now friends I hope you enjoy my ulog today and as always happy Steeming!
This post was made from https://ulogs.org