Prices have been falling down 😣
Hey steemians, most of us familiar with the cryptocurrency world already know that the markets are really very volatile.
You can either buy a cryptocurrency and make a really good return on investment or just see your real money go down the drain. I think i just did the latter, as for now.
Here's what i did- I bought about 2 bitcoins worth of steem around a month back when the price was peeking at about $3.5. This was before the hack of the popular bitcoin exchange Bitfinex. As most of you would know approximately $65 million were stolen in a major hack on the exchange sometime back causing the price of the bitcoin to plummet. So the ~$1350 worth of my bitcoins that i had invested in steem lost about $200 of their value.
Now i thought that this loss would be covered when the steem i bought will rise in value but just the opposite happened. Steem was also on a downward trend since i had bought it. The bitcoin hack had some sort of domino effect on my investment, rallying the price further down.
Many optimistic traders believe that you shouldn't be swayed by market sentiment. I did just that and waited for the price to rise.But the price of steem is just falling down. I don't intend to pull out my money anytime soon, atleast not with a loss. But the current movement in the prices of steem have got me worried.
The current value of the 350 steem in my account is about $725 down from the $1350 i had initially invested. I can only wish that the price of steem goes up as i really believe in the community and its functionality.
One more thing i'd like to point out is that you should only invest money in cryptocurrencies if you're willing to take a risk because you might end up losing all of it. The steem in my account have lost more than 50% of their value amd that's got me worried. But ill hold on and see what happens next.
Thought i would share this with you so that you may be aware of the risks that come packaged with the crypto trading.
Thanks for reading my post!