I guess this is more of a rant post than an informative one but September has gotten me on the ropes and it is only half over. This is the problem when your focus is too much in one area as it can all get hit at once. The charts are clear that September is not a good month for bitcoin (and crypto) and this year is no exception. At the start of the month we had the crash that saw some recovery but now we are slowly slumping down to the 42k level. If it holds about the 44k this month I will be happy and we might see a rise in the winter months. But for now we keep our heads down and post on Leo to keep busy.
All Projects Down
It is not just Bitcoin but other coins are taking a beating as well. New projects that looked promising are not really taking off and you are seeing some big drops from points which are pretty low. NFTs have taken a loss for a lot of projects and ETH fees are still very high. If you think that the next couple of months will resume the bull run there might be some entry points but for me I'm sitting on the side lines waiting this out.
Axis SLP Way Down
I've been taking a break from Axie as not only has the coin dropped in value but also the cost to take the SLP out from the ronin wallet is not worth it with ETH fees being really high. They are coming out with a dex soon so it should be easier to get my SLP out soon and there is also a BNB bridge coming too but as of now I'm just siting on it. There are lots of Axie updates in the works so I'm not selling or worried but right now I have no motivation to play. I know that my SLP could be worth more in the future but not feeling it right now.
Back To Leo
No matter how dire I feel in crypto I still go back to Leo and post. This is what I mean when you need to have a project with user case and money (ad revenue) coming in. I know this is a solid project and am fine working on content here as I wait for the slump to end. I can keep piling on my Leo and will be in a great position when this project finally takes off. There is still doubt that this bull run might be over but I do think (hope) it is just the September slump and we still have legs left in the winter.
Working Outside of Crypto
Besides Leo I'm also doing freelance work to keep money coming in. I'm 100% on my own time and taking projects so I can turn in on or off when I need to. It is always smart to have income coming in from outside of crypto and months like this show why that is. I do hope this ends soon where crypto is the main way to earn, we are closer than ever, but there is still a way to go.
See You In October
For now I'll just be posting and keep an eye on the market but I don't think I'll be making a lot of moves. We will see if the mood changes when October kicks off but for now I'm not looking to get into new projects (though I will keep an eye on Ada now that smart contracts are up)
Anyone else feeling the slump? These days happen and this is nothing new for bitcoin this month so we will see if the trend continues when it is over. If it does turn around it could be an exciting winter as bitcoin could see some really high numbers. But only time will tell.
If you're feeling drained you're not alone, feel free to rant in the comments. We can make this a therapy session.