Guys, yesterday I had to check my calendar a few times just to confirm that it wasn't actually Friday the 13th. I mean, the deals in crypto were astounding! I was giddy. I was like one of those shoppers who, back in the day, would overnight outside Walmart on the eve of Black Friday, just waiting to swarm in and fight over TVs and other electronics. Except this time, the product isn't TVs and the venue is no superstore. The deals are in the crypto space, but they are just as mind blowing- even better actually, when you take into account the fact that these products are likely to appreciate in value.
Didn't get in on the sale yet? Well, at risk of shilling because, remember, buyer beware, I am NOT qualified to give financial advice- What are you waiting for!?
Bitcoin today, or rather at the time of this post, is trading just above $20,000, a more than 70% discount from its all time high, and a 17% drop from the value it held a fortnight ago.
ETH, which recently made 100% turnover on news of the upcoming Merge, is on sale again, this time exchanging hands for under $1,500. An estimated 23%-24% decline, according to CoinGecko stats, from the value it held 14 days ago.
And I could go down this list by market cap, but suffice to say, there are countless other items on sale. So what are you waiting for, right?
Well, I guess some investors still expect there'd be more pain in the market and that prices may be slashed further, right? Some traders are in fact projecting that Bitcoin may go to $16,000.
And while none of us can time the market bottom exactly, you'd definitely want to maximise your investment, I get it. And then, of course, there's the FUD with persons wondering if the Fed has destroyed the crypto market. And so, if you're risk averse, I'd understand your caution. Because, in this market, when you choose to play, you understand that the stakes are high.
And so, what triggered yesterday's sale or dump, depending on your perspective, you may wonder. Well, US Fed Chair, Jerome Powell, in a brief speech at the annual Jackson Hole economic symposium yesterday (August 26th), warned of "pain ahead" and pledged that the central bank would continue to "use our tools forcefully" in the ongoing fight to bring down inflation. These comments led to a sell off across risk assets, and with crypto the most volatile of these, there's today's 'sale', again depending on your perspective.
And so, my friends, what are your views on today's market developments. Do you think this can be an unimaginable opportunity or a case of fools rushing in? I'd love to hear your thoughts.
I'm off for now, but until we chat next time, please remember to be safe. If you're trading this weekend, remember markets are particularly volatile on weekends. And so, whatever you do, conduct in-depth research. Manage your risk appetite. We'd chat again soon. Arrivederci.