As I type this post the whole crypto market is barely holding the $1 trillion market cap it has managed to keep for quite a while. An uptrend started in mid-July when we had that gross dip for BTC to as low as $17,500 which everyone thought it was the end of the world. We might revisit that price level soon...
But, why does the market tank every time I buy more crypto?... It's funny but it happens all the time I do that. I wanted to write this post about eight hours ago, just after I bought some more EGLD today, but I already had a scheduled post that was about to be posted around that time and it would have been too much to have two Leofinance posts in such a low time frame.
The thought of buying more crypto was on my mind for quite a while now. I have stated many times on my blog that I want to go all in crypto and that's what I'm about to do. Prices have been ranging for a while and it sure looked like the market will change trends, thus I've paid a visit to the bank and deposited some cash to my account.
I only have cash and crypto reserves, thus I have to go to that unpleasant place every time I need to top up my account and buy crypto with the dirty cash I still hold. There's not much left and I just spent $1,000 to buy myself some more EGLD. I have acquired about 18 coins for that amount. I would have bought more if patient enough, but you know me...
EGLD is now barely holding $47 per coin in dollar valuation and we might get to $30 soon. As a matter of fact, I would love that, cuz I will buy even more. It was not just the "dollar ranging" that made me do that, it was Putin's fault as well.
As funny as this might sound, there are several media outlets talking lately about Russia "going public" towards using crypto, especially stablecoins, for their international trades. That's pure bullishness imo. Cryptocurrencies have been created for this exact purpose, which is to circumvent ruling powers and their abuse.
There's also inflation, skyrocketing energy prices, and more that have made me choose to dump more fiat into crypto. I believe this thing has a future but I don't really believe that much anymore in the future of the world economy as it is.
I'm staking most of my EGLD just to make more of it and I was looking today, while at the bank, how much do the bankers pay for depositing and "staking" dirty cash at them. You get something like 1.5% yearly interest on USD deposits, something like 7% for my native currency, and just 0.5% for depositing EUR.
I have actually dumped "dirty euros" for EGLD today and I can clearly see this currency falling. Europe is in deep shit economically due to the sanctions they've imposed on Russia leading to insane energy prices, industries being affected and the societal turmoil is boiling. I can clearly see quite a few more protests, other than the ones we had in Prague lately, erupting all across Europe this winter.
I sure know I would take part to such events if we would have any in my area. Crypto is the past, present, and future to me and I just bought more of this type of future today. I hope I won't regret that... I guess I won't. That's about it for now... I hope everyone is having a great day, despite the dump in the market, and see you in the next post.
Thanks for your attention,
Adrian