Yes, that's right, crypto is dead.
From a week ago to now, the market has been pole-axed.
Blockchain is no longer revolutionary, it no longer offers hope for the unbanked or the prospect of decentralized peer-to-peer money and sound money.
It was all a scam, nearly a trillion dollars poured into hot air!
It's sure to go down another 40% tomorrow, and the day after!
How could I have been so stupid?
Ok, on a serious note, we looked to have got the break we were expecting from the triangle formation. Unfortunately, it turned out to be a break lower. Yeah, that sucks...
However, we're in serious bear market territory for Bitcoin now, down by over 40% in the space of a month, taking the market cap under $200b.
In times like these, it's important not to panic. That's not to say you can't sell if you think things have genuinely changed. But ask yourself:
- Why did you buy Bitcoin? Are those reasons still applicable?
- It is not even clear if South Korea will ban crypto-currency trading, but if they did, would that be the end of the world?
- China had already cracked down on cryptos signficantly, does this recent announcement really change anything?
- Can Governments ban cryptocurrencies? Will they be willing to come across as that totalitarian in democracies (I say that in inverted commas) in the West?
- If Bitcoin was worth US$17k just 10 days ago, why is it worth US$11k now? Can it fall another 6k in the next 10 days, yes? Can it fall another 6k after that? No. This is not sustainable by any stretch. This too shall pass.
- Who would be buying off me if I panicked to stop the bleeding? Canny whales or shaky new hands?
