Hey Steemitians
When bitcoin drops 40% its time to buy or hold, not sell
What a crazy July its been for bitcoin and the entire cryptocurrency market. Hopefully most of you made some good decisions and were able to hold or buy more when the price dipped in to the 1800s. I know many traders were able to sell near the peak and smart enough to get back in when the price dropped but some that expected a further decline are left holding fiat. That is why I stopped playing "find the bottom game" a long time ago. I find it much easier to know when to buy bitcoin than when to sell it. Further pumps are expected as Segwit goes through a few more steps to become activated.
With overwhelming support BIP91 activates with an almost unanimous decision, at times signalling over 95%.
. Now that BIP91 is locked in, there is a 336-block "grace period" which will take about two days.
. Once BIP91 activates, blocks that do not support BIP141 will be rejected by mining pools
. It is estimated that it will take approx 2 weeks for Segwit to be activated
Not only is this good for the short term value of bitcoin but I think it gives investors confidence for the future of bitcoin that developers and miners can work together towards a solution. There will be plenty of more debates on how to scale bitcoin as it continues massive growth and takes on the world, with mass adoption. Just like the internet of the 80s and 90s had many of the same scaling issues (remember dial up connection) the sound was so futuristic back then lol
Waiting patiently
The total Crypto market including bitcoins has surged back up to 93 Billion after hitting a low of 61 billion on July 16. That's almost 35% in 5 days!! I expect that alt coins will continue trading sideways as bitcoin sucks up dominance for a while before profits pour back in to altcoins.
Is Steem ready for another bull run?
Steem is holding up quite well against bitcoin and continues to show a strong support trading in the .00047 to .00055 range. Steems price is back up to $1.43 and further increases are very likely during the second half of 2017. It will be interesting to see how Steemit will do during the Crypto pump expected to come from the Segwit debate resolution.
I think Bitcoin has dropped and been held back due to so much fear of the fork but its looking impossible now so its been held back and will slingshot from all of its held potential. At the start of this year it got really pumped from alot of Asia wanting their money more protected after all sorts of world wide hacks were happening. Next time there is a global event like a Major hacking or a currency going into recession we will see it boom 10fold. Just my opinion nobody really knows :)
Yes, It was an interesting start to the year with china pouring in to the bitcoin and PBOC scaring investor with regulations. Every time something causes uncertainty and the price drops, it's the best time to buy more :)
That's why I keep the majority of my money in crypto. I have a nice cash-flow of tips from serving so I don't have to worry about keeping too much fiat on hand. If I ever need to pay for something I can have the money in one or two shifts.
Probably depending when have you bought it ;) But really i would (and will) keep my coins for a longer time. Even in case of a price drop i believe it will go up eventually. But i am newbie in that matter plus it all comes to what will happen to the market at the beginning of august. Let's keep finger crossed ;)
Yes, long term holders will be rewarded!!
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The wait and see game. I'm sure everything will be looking up soon.
I read an article on here earlier that said the Rothschild's invested into Bitcoin: https://steemit.com/bitcoin/@kondrat/rothschild-fund-buy-bitcoin
DEFINITELY A GOOD TIME TO HOLD!