If you look around, you'll find various reasons to be bearish. Outside the Elon situation with Tesla no longer accepting Bitcoin, there is also the situation with Binance being under investigation in the US. Bitcoin was also getting some negative press when it was discovered that the hackers of the colonial pipeline accepted the numero uno crypto as a ransom for the actions.
This has led to large scale dumping across the board with assets like Ethereum trading below $3.4k, BNB below $510, and Bitcoin edging closer to $40k. This has also been an opportunity for bears and FUD specialists like Peter Schiff to spin their usual gripe about cryptocurrencies.
In the midst of the meltdown, hive has held its ground relatively well. I won't say we're in an awesome place but considering that we spent a large part of our existence at $0.2, I can't complain now that we're hovering around $0.5.
Outside of Hive, there are still signs that show that this bull run is indeed far from over. Bitcoin Treasures intimated that in the past 30 days, 215,000 or over $9 Billion worth of Bitcoin were scooped up by institutions in the past 30 days.
Despite the negative attention, the big boys already realise the immense present and future potential of holding Bitcoin. So in reality, this dump in value actually favours them as they follow the age-old tradition to buy the fucking dip.
Also, it is very important to take things into perspective. In the midst of the "market crash", coins across the board seem to be in decent support range. In my portfolio, for example, most coins are holding their ground and while dumping, haven't looked so bad.
Coins like Hive, Forth, and AVA look quite solid at the moment. When the dumping frenzy stops and the paper hands are sieved out of the fray, we'll see some serious movement in the coming weeks.
There are still some exciting times ahead, so don't lose focus. Always remember that it is a marathon and not a sprint. Don't sell unless you absolutely have to, ignore the noise, keep calm, and hodl.
Posted Using LeoFinance Beta
