The State of Bitcoin
There's a lot of grumbling on Crypto-Twitter about how bad things are and how bad things might get, the sentiment seems to be approaching or at all-time lows. Fear and depression has certainly set in, and there is blood on the streets. This being said, I am conscious of a few facts:
- The Bitcoin Whale Ratio is at all-time highs
- Bitcoin Whales are manipulating the price to test supply
- Bitcoin Whales are still buying at these low levels
- Bitcoin is leaving exchanges and low liquidity compounds volatility meaning it takes even less Bitcoin to be bought or sold to move the needle and price.
The fundamentals of Bitcoin remain solid, and I am not in it for a quick and easy profit, I am confident in the potential for the future of cryptocurrency and I see the record 40-year high levels of inflation plaguing the world reserve currency as a catalyst for the adoption of our beloved Bitcoin. That's why the smart money in our space ( the whales), are still aggressively accumulating.
I am aggressively accumulating crypto at these levels too.
Bitcoin Whale's Perspective
If you held a substantial amount of Bitcoin, and you could affect a favourable price change for the asset in order to accumulate more of an asset that you are long term bullish on, I would have to say think the vast majority of people probably WOULD take advantage of this. This is exactly what we see happening.
The two main things that contribute to the temptation for a Whale to manipulate the price of Bitcoin are:
- An abundance of leverage in the market.
- A restriction of liquidity on exchanges.
Remember that the above metrics as visible online for free online, but the majority of Crypto holders will never bother to check them! An abundance of leverage long positions, in short, means that if a price moves to the downside the effect of leveraged positions being liquidated is compounded moving the price even further to the downside. Couple with a limited supply of exchanges means that it takes even less of the latter to trigger the former, and we see this happen ALL THE TIME, and it can be painful.
Turning the tables
For the little guy, the average crypto holder it's important to be unwavering in your beliefs. You likely bought into Bitcoin or an Alt-Coin for a reason, hopefully after doing your own due diligence and you saw the potential for upside. Hopefully, you didn't spend more than you could afford in the short term either.
If you are still of the belief that Bitcoin will go on to do great things in the future, then why should you sell your assets at a loss, when those who tried to shake you out of the market are buying up the very same asset they coerced you into selling. After all, why would the whales be buying it up if they didn't believe in the long term, it will gain for them. It's a story as old as traditional markets. Do not be shaken out.
Portfolio Update
Over the last 3 days, I have taken advantage of the cheap prices the bulls have created for me. It's a buying opportunity. I have picked up only Bitcoin and Algorand (%ALGO), two coins that I am happy to accumulate and HODL. I earn 7% on my Algorand by holding it in my Algorand Wallet and I continue to add to my Nexo account where I get 8% on my Bitcoin. You can do the same and get $25 when you top up your Nexo account too with my link below.
I have continued to accumulate SocialGood ($SG) tokens whilst shopping online and now hold a substantial quantity of the token all earning 15% APY from within the app. I think this project has great potential for the future and I'm happy to hold on to it. Even better is I've been accumulating this for free and you can too with my link below and get $100 of $SG token for starters.
I mentioned 6 days prior to this post right here on Publish0x the potential for some downside based on technical analysis, but this move was likely down to manipulation by the Whales.
I publish regularly right here on Publish0x and on Reddit. Please do remember that none of the above is financial advice, you should always do your due diligence.
