Hi All,
Well the crypto markets are falling down again, we saw a short stopper over the weekend for a day or so and then boom! down she goes again. In fact i was on the Exchanges yesterday and watching for some movement of life and watching NEM (XEM)for a bit. I noticed every time it was trying to move up there was a massive dump of around 400,000 XEM driving it back down and the price was fluctuating between 0.006177 and 0.6200 XEM/BTC for about 2 hours or so, but going no where really. All the life was being sucked out of everything so i held on and sat steady. When i woke this morning (Australia time) to check the markets and see even further falls, i'm thinking damn!! WTF. Whats really driving the markets down on our heads?
Well, you can go to my page and see two other posts i have made the last week (here: https://steemit.com/cryptocurrency/@audio-nrg/nowhere-to-hide-crypto-crash-ongoing, and here: https://steemit.com/cryptocurrencies/@audio-nrg/ripple-vs-ethereum-is-this-blog-taboo ) about what i think in general, however lets have a look at some factors that might be driving this drop in general. (please up-vote this is you thinks its helpful)
In one of my blogs mentioned above i said that the down turn may just last til Monday or it could go on through July - August and its looking that way at the moment, i think there will be a a few short upturns before then however, but as the BTC fork issue would raise more excitement than fear I don't believe this alone would drive most of the market values down between 10-20%. There is a combination of factors going on here!
Others here have posted recent stories of government and elitist people taking about BTC and altcoins destroying the common markets. So if they can screw the cryptos over a little then why not, they know a large majority of Altcoin investors have traditionally been those who encourage a decentralised economy and they have the majority of resources on the plnaet to do it!
*Next, New comers-
There is a large increase of people coming to the crypto-markets thinking they can get rich quick, this is possible but one of the hardest things to achieve for a newbie who knows little about how to read the charts and naturally anticipate movements. Newbies also tend to freak out at downturns and rather than hold on to a good coin they have picked up, they sell, lose and walk off saying its all a scam. Add to this number 5 below;
*. There are a number of people on YouTube throwing out all sorts of ideas and suggestions on whats a good coin or ICO investment, others rely on automated mechanized prophesy bots interpreted arbitrarily by their creators alone, to determine market action and sell market /future reports, which is fine if you want that... however Newbies, and others longer in the markets game, but who still haven't learned for themselves how the markets move,nor learn to make their own decisions and rely on this information, get burned. There are small successes by a small few, but most lose.
*. The culmination of all these things, + fear and uncertainty, uninformed speculation and emotional instability lead to the final issue, PANIC!
Panic drives a run in the market that can wipe out billions in minutes. For those of you who remember the GFC 10 years ago, the general markets lost about 45% of the market value in a few hours!! That's Billions of dollars ever minute. The global economy is still trying to recover but its not doing well at all.
So whats the answer? i mentioned it just above.. no not panic,
-make your own decisions,
-get facts, read
-MOST IMPORTANTLY start small! just little bits here and there, don't be worried about missing an opportunity, there are plenty more ahead, all the time.
So please, relax, hold your position for a bit when you see things move up or down, and don't be driven by emotion, do your research on a coin/token where you can. There are plenty of resources to use, and use a lot of them, don't just rely on one or two guys who boast and brag, look around, learn to use the tools of the trade. And of course don't rely on those who talk up a whole lot a bullshit then disappear from view when things hit a downturn, they are only covering their own asses, and hide, then return and talk about how great they did while everyone else suffered. these people are fraudsters.
At the end of the day, do would you really think you can build a house worthy of your family with a few trips to the hardware store, a hammer and a box of nails? chill, do it right and take the small wins, look at what worked FOR YOU. KEEP IT TO YOURSELF for a while. enjoy.
Hope this helps.
Cheers
