Hi fellow Steemians! Here’s what’s happening nowadays in the crypto-world.
We’ve got some great news!
The January 2018 beginning of the year sale on cryptocurrency has just started. That's right! We got Bitcoin 16% off, Etherium 20% off, ripple 27% off, bitcoin cash 24% off, Cardano down 22%. We also got Litecoin 19% off, NEO, 25% off, NEM 28% off, Stellar 25% off and even IOTA is at 24% off, and so on.
Now, the first question you're asking yourself is where is the top? -We don't know. The next, of course, is where is the bottom? -We also don't know. The charting guys say if we fell and we break through 14K, watch out below will we see 10 will we see 8. -We don't really know. Remember these are the same charting guys who said 25k by Wednesday! Some of them even regard Altcoins like garbage.
Meanwhile, the true believers are making so much money -at least for now. For many traders, this is the chance for dollar cost averaging. That means gradually buying coins at a low cost. For example, if I set up my account to buy a hundred dollars a week and let it run, It'll all even itself out. For those who just got their year-end bonus, it’s so it's convenient to add positions now that the market is down. -But I wouldn't buy all at once with my cash. -It’s better to spread the risk and invest based on a schedule. Maybe we'll hit 8K maybe we'll go lower, maybe not. -Nobody knows!
I do know one thing, however: I believe in crypto. I believe it’s useful. I believe its revolutionary and I believe it will change the world. The coins you're buying this week is the same coins they were selling last week. -Nothing has changed, just the price. Why did the price of bitcoin and all of the Altcoins suddenly go on sale? Bitcoin price is down about 14% in the last 24 hours. Among the reasons attributed to the price drop is the news that China closed down the main exchanges in November, banned bitcoin mining, as well as over-the-counter exchanges where you show up with your bitcoin and they show up with their money. The exchange facilitates a trade between the two of you. The exchange itself doesn't have any centralized are controlled funds so they're just acting as a literal middleman. What China said was “No more middle-man”. They're pushing all of the virtual currency trade and industry underground into a black market where the Chinese will get no tax benefits or no information from these trades. The Chinese are giving up on Bitcoin allegedly for now.
More Good News
The South Korean government confirmed a few days ago that it was false news that they banned Bitcoin trading. It's not true as reported on Twitter by Joseph Young. People are actually upset about this. Some South Koreans are forming petitions to get rid of the ministers who made the little warnings that caused the rumors which depressed the market. South Korean people have money in Bitcoin to they don't want it to go down for no reason or false information.
In other news, St. Louis Fed: In some ways, Bitcoin is more robust than many fiat currencies. That's right on mainstream media. Even the mainstream economics and banking officials at the St. Louis Fed are waking up to the realities that Bitcoin is simply better money.
Another good thing is (also, at least for now), if you look at the bigger picture, it's still a great run overall.
Look at the 6-month chart and you’ll see that bitcoin has still gained value overall. So, the question is: Is it the right time to buy? Maybe it's not at its lowest yet but what exactly are we waiting for? Are we waiting for a lower price to buy in or waiting for a little bit of a higher price to sell out just to cut losses? It depends on your position. If you have invested everything in Bitcoin and haven’t sold anything last week, you’re probably not in a good position right now and if you don't even have money to buy more bitcoin now that it is so low, your portfolio must have shrunk with Bitcoin. - Just like a mistake I made before, which I have mentioned in one of my previous articles, it could happen if all the eggs were in one basket.
But again I'm not saying you should buy now specifically or do something else. I'm not your financial advisor.
To those who are still panicking right now, what I could say is look at the all-time chart. Look at the bull runs like the first time it hit $300, then fast forward through years and years of pain, it suddenly went up to the thousands again. Last year, it hit 10000, then 20000 in December. Along the way, there's always been a pullback or a price correction so who knows, this may just be another healthy correction! The same goes for many other altcoins nowadays. It’s like a whole page of red. As far as I'm concerned, ironically, this is the ‘green’ time, the go time to buy positions and enjoy the discount.
If you haven't checked my previous articles about the common mistakes that crypto-traders make, Please click on these links.
🤔 Common Crypto-trading Mistakes Series (Part 1) 💁♂️
😣 Common Crypto-trading Mistakes Series (Part 2) 🤕
😰 Common Crypto-trading Mistakes Series (Part 3) 🤕
😰 Common Crypto-trading Mistakes Series (Part 4) 🤕
