We've reached the end of January, a month that many consider to drag on for a long time. I believe that's good because it allows you to organize things as soon as the year begins in those 31 days, but when one month ends, another begins. Now we're in February, and at the beginning of each month we have Hive Power Up Day, an event organized by HiveBuzz on the Hive Blockchain that aims to encourage users to create their own power-ups to earn a participation medal and, of course, some engagement, since it's a day dedicated exclusively to this, with many users commenting, posting, and generally engaging on the subject.
However, this month we are in a very atypical situation, where HPUD will take place right in the middle of chaos in global markets, which in less than 48 hours wiped out nearly 12 trillion dollars from the economy, affecting Bitcoin and consequently other altcoins, such as Hive.
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Chaotic Situation of the Global Economy
I believe that the context in which the Hive Power Up Day is happening is even more important than the power up itself, since it affects not only the hive, but everyone The markets are in turmoil, and with that, taking advantage of the topic, more people are at least somewhat informed about the subject. In 48 hours, something extremely atypical happened, with markets in various segments losing 12 trillion in market value combined.
Precious metals, which many consider the most stable and secure assets, suffered the most. Gold lost 16%, silver 38%, and platinum 30%. These are drops that were not even seen during the pandemic, something totally atypical, since when this happens, money moves from one place to another, but the S&P 500 and Nasdaq stocks also fell, cryptocurrencies also fell, so where the money went is the great mystery of this chaos.
Hive and Power UP Situation
Now focusing on the Hive Blockchain, with the fall of Bitcoin, which had been trading around $85,000 to $90,000, to below $80,000, a large number of crypto players ended up being liquidated, and with that, the entire crypto market in general suffered. In the case of Hive, in less than 24 hours, the HIVE token fell by more than 15% considering both the peak and the trough.
The token, which was trading near 9 cents, at one point traded in the 7 cent range. With all the volatility, Hive has suffered considerably; in one year, the token has already fallen by 80%. But even in this situation, the network doesn't stop, blocks continue to be verified, and users remain active on the blockchain and web3. Curiously, users usually appear during price increases, but in recent days, many users have been appearing precisely during price decreases – curious, isn't it?
After considering the chaotic context of this power-up day, it's precisely in these bearish scenarios that power-ups tend to be the best time, because the token is low, better than spending more to power up when it's high. This February, to participate in HPUD, I powered up 10 Hive tokens, which are converted into HP tokens. In addition, I also powered up 1 Hive token to start practicing for HPUM. Hive Power allows users to utilize the blockchain, delegate, and have greater voting power. I believe this post is more interesting this way, by explaining a bit about the current scenario, rather than simply stating that the power-up was implemented and that's it.
