Hello Readers!
The fun is over! That was my reaction when I opened my browser tabs today, as the crypto market is in a shock right now with a sharp downtrend. If you have been active today, you must have seen this news as the topic of literally every conversation and yes, it looks like the fun is really over and we are going towards a bear season now. The resistance is broken and the prices are still falling down and if this continues for another day or so, the aftermath will only increase causing a huge downtrend in BTC and Altcoin prices. Probably many will take a leave from the crypto world, burying their assets in cold wallets or on staking. Many new hands will get burned trying to cash out and many diamond hands will hold their moves and work in silence as usual. As an old sailor in this wild ocean, I have seen multiple ups and downs and I know for sure that this will also pass on. However, for crypto earners who are totally dependent on blogging, gaming, moderator, project development or other works related to crypto like myself, it may be a long hard time passing this downtrend if it stays for a long time range like the previous one.
First of all, let us look at the live market position and as stated in the coinmarket website shown in the screenshot above, all the top 5 crypto except stablecoin Tether are facing a huge 20 to 30% price decrease in the last 7 days graphs. The main coin, BTC is currently being sold For 54.8k USD with a -19.06% loss, ETH at -25.80% loss, BNB at -20% loss and SOL with a massive -30% loss in the last 7 days which is no doubt projecting a scary bloodbath on the market right now. I believe multiple Resistance have been broken and yet to find out what actually caused this brutal and sudden dip.
If we take a look at the current price graph of Bitcoin aka $BTC, it is currently being traded for 54,837.15$ per unit right now as stated on coinmarket website as shown in the above screenshot. If we look at the price chart which it is showing the last 7 days' price action of BTC, we Can see it was trading around a healthy 68k$ price, but the latest downtrend which happened in around last 4 days, brutally hit the market and kicked it in its knees, taking it down 14k points ans still falling down.
Now, if we move forward and take a look at the price of the Hive token, it has also taken a nasty hit from this downtrend which is clearly seen from its current price, as it is trading for only 0.168$ per unit. As shown in the coinmarket chart in the screenshot above, its price has fallen down around 25% in the last 7 days, where it was being used to sell for 0.22$ a week ago, it is now selling for near 0.15$ per unit, which I think its all time low price as well. I have never seen Hive to fall down much to a price it has never touched before since its rise and praying that it recovers its price at least above 0.20$ asap. Now, with respect to the current price of Hive, the USD voting value will decrease as well, which means even lower payout than before. But we will also get more hive as rewards as well and those are here for long term, will take advantage of this opportunity and start earning and stake up more hive power.
Now for me, like many here on this Hive blockchain platform, I am also fully dependent on only my crypto earnings right now which of course include the author rewards and other passive rewards in the Hive chain. Now as the bear season continues, I will continue posting blogs daily as I do, because that is what I love to do. But to run my family expenses I need some amount per month. For this reason, I have been saving HBD in my Hive savings account for the last 2 Months, I am only using my HBD savings money for all kinds of offline and needed expenses and have been gathering and saving Hive in the meantime.
When this downtrend started today, I had a total of 1400 HBD with me and most of it was in savings mode, so I sold 232.6 liquid HBD today and will sell Another 225.5 HBD which I have started withdrawing today. This total amount will be enough to run my family for at least 4 months at least l, so I will be tension free first of all. Now next, I have started withdrawing another 265.796 HBD which I have decided to buy Hive and Hive Engine tokens with, if I found a good deal Of course. I am mainly thinking of buying and keeping liquid Hive with it, but I have also a wish to increase my BRO token amount, so let me think about that while it withdraws. Now for the rest 800 that is saved in my savings account, I will keep it as it is, and if the downtrend continues and Hive falls From this position in the future as well, I can use the HBD to run my expenses for almost 4 months.
Now Meanwhile, I will keep posting and generating author rewards and increasing my Hive power. Right now I have a total of 12,668.52 Hive power and if Hive power rewards increase, I can generate more Hive power in this downtime. Now let us not be afraid and be cool and continue being natural in this downtrend. For my liquid rewards strategy, I will be leaving it for the future whether or not I should convert my HBD earnings for Hive now choose savings.