The PBOC certainly throw a good red party when they have the mind to. Crypto market cap down from $180 billion to $138 Billion in a matter of days. So what better tune to listen to than Bob Dylan's Blood on the Tracks ....
Shelter from the Storm
I am not going to give you shelter from the storm, but would certainly like to put some things in perspective in this supposedly trying times on the crypto market
Let us have a look at the last two year timelines and prices for some major currencies and assets.
September 06 2015
- Litecoin (LTC) $2.99
- Ethereum $1.35
- Dash $2.52
- Bitcoin $238.35
September 04 2016
- Litecoin (LTC) $3.92 ( +33%)
- Ethereum $11.63 (+820%)
- Dash $10.98 ( +500%)
- Bitcoin $599.00 (+280%)
September 03 2017
- Litecoin (LTC) $79.96 ( +2030% )
- Ethereum $353.00 ( +3030%)
- Dash $360.83 (+3286%)
- Bitcoin $4632.00 (+860%)
Before an OCD person jumps down my throat, those are rough percentages worked out in my head ... but the following still holds true..
Litecoin from $2.99 to $79 in two years, Ethereum from $3.92 to $353 in two years, Dash from $2.52 to $361 in two years. And we all know where BTC is
Crypto markets are still very manipulable by 'whales' and new developments in legislation. In my opinions the authorities are starting to get the idea that this is not a passing craze, and they are wanting to get control before the ship leaves the harbour.
This is not investment advice but I reckon the best strategy for the major coins is HODL, and buy the turmoil.
Thanks for reading!!
It is just manipulation, there is no reason for any coin to lose value based on what the PBOC said, except perhaps Etherium which has made a lot of its price off of ICO tokens.
ICO tokens themselves aren't crypto-currencies and to be honest most of them were going to crash and burn anyway.
I'm with you, nothing to see here.
Thanks for the response. The trick is to try and find REAL use case coins with hood dev teams. That said, out of the 15 or so I have staked on...I accept that 50 - 60% will fail.
I suspect it's the PROC doing another pump and dump - they are not trying to ban it, they are trying to buy some more cheap.
If I was feeling loaded, I'd be about to buy some - certainly not selling anything.
Is what I did. I sold some BCC at a cr@p price to snap up some of my lobg term holds like Waves, PAY and NAV, altho the latter has not come back so much
Nice to see some perspective.