I sold my BNB at $216 last night because I'm taking profits and waiting for a correction.
I bought BNB at $206 on Sept. 11, and it reached $216 on Sept. 17. That's a 5% gain in six days, which is a small gain. But I decided to sell it because there are a lot of uncertainties in the market right now.
Bitcoin has been volatile lately, and the entire crypto market seems to be following suit. I'm not sure what's going to happen in the next few days, so I'm taking profits while I can.
I'm also planning to wait for a correction before buying any more cryptos. I think there's a good chance that the market will pull back in the near future, and I want to be able to buy in at a lower price.
In the meantime, I'm keeping my money in USDC. USDC is a stablecoin, which means that it's pegged to the US dollar. This means that my money won't lose value if the crypto market crashes.
I know that some people might think I'm crazy for selling BNB when it's on a tear. But I'm a careful investor, and I'm not willing to risk losing money. I'm happy with the profits I've made so far, and I'm confident that I can make even more money by waiting for a correction.
Here are some of the specific uncertainties that I'm concerned about:
- The ongoing inflation, which could lead to a decline in risk appetite among investors, and hence to capitulation.
- The rising interest rates in the United States, which could lead to a recession.
- The potential for more crypto regulation, and the risks around Binance in particular.
I'm not saying that any of these things are definitely going to happen. But I think it's important to be aware of the risks before investing in any asset.
I'm confident that the crypto market will eventually recover, but I'm not sure when that will happen. In the meantime, I'm happy to keep my money safe in USDC and wait for a better opportunity to buy.
Please note: This is not a financial advice.