Image from Coingecko!

Yesterday for sure wasn't one of those happy crypto days. It was red all over. At a moment when I did try to check the values on Coingecko, there server couldn't handle all the requests :(. This a good indication that something was going on, bad or good!

We all know one of the reasons behind this set back. The initiator was probably Tesla with the news that they wouldn't any longer accept BTC as payment method for their cars. This had an effect on the value of BTC, as a result lots of people did want to take some profit and other where trying to catch a falling knife.
Also the news out of China where the national bank did spread the news that crypto isn't a real payment method did the rest!

This morning when I did look at the markets, some signs of green were visible. This could be the resistance line giving some support or a sign that people do like the current value of the crypto to step in again!

Long term

Most of us do know that crypto is more a long term investment. If you do see it like that, you will think about the fact that BTC is still up 18% compared to the beginning of the year! At the start of the year my portfolio was still deep in the red and although the crash of this week, it is still healthy in the green.

I do have to admit that I sold some crypto in the past year. Taking small bits of profit to decrease my overall fiat investment. We all have to remind us that a profit is only a profit if you do cash out!

FOMOOMP

This is where FOMOOMP comes into place. I did read lot's of posts bragging about their winnings but not cashing out because they do Fear Of Missing Out On More Profit. Exactly FOMOOMP. We all stepped into with a certain sell price, but when the limit is reached it is hard to say goodbye and sell the tokens. We do think about situations in which that certain Crypto will fly to the moon and behind, and we all don't what to miss that trip.
And suddenly you do see in the morning that your token did decrease between 20 to 30% more in value! Bitter isn't it!

So each time I do sell some tokens, I mostly convert them into Tether. They will stay in Tether for some time. After this there are 2 scenarios:
1 - The value of the crypto kept on rising and I just convert them into Fiat and decrease my fiat investment, which is always a great feeling for me!
2 - The value of the token did decrease. In this case I still could go for scenario 1. Or I do buy back some tokens and convert the rest into FIAT, which is more or less a double win!

Now I am in scenario 2 and have just below 1K tether lying on the desk to invest again. But this again does bring up a lot of other questions, like when and in which token! And these are as hard to answer as any other crypto related question.
If the value of Hive will drop some more, probably I will increase my position on that platform. At least it is a coin which does give you some secondary income.

Cheers,

The Cryptogambler