Bitcoin: $8,734.23
Market Cap: $389,879,997,194
The bears are never far away it seems, and my lingering feeling that we’re not safe yet may just come true. Bitcoin dumped by about $700 overnight causing ripples in the alt market which showed a little resilience at about 15% across the board, but it still shows the fear in the market. The dump may have been caused by a lack of new investors, the scars of the bear market not healing fully yet, whales trying to push the price down, Mt Gox trustee selling BTC, Upbit being accused of fraud or a combination of all of them, but what is sure is that it can’t be alt season if 15%+ drops overnight are still possible. The hype about Consensus fuelling a price rise and the start of a true alt season will be tested, and with the weekend coming up further drops are more likely than not.
My reaction has been…to do nothing. Didn’t sell any alts seeing as they were already down when I woke up, so no point. I’ll only consider selling anything if another severe dump is on the cards, then I’ll sell my bigger positions (TRX/DENT) to buy more later. The other investment I would consider investing in further is Ambrosus. I was introduced further into this project a few days ago and the masternode rewards could be considerable if they gain the adoption they are going for. I bought a Tier 2 masternode, but I’m considering going deeper into it and getting a Tier 3 for over double the rewards. Investing this much before they’ve announced partners is a gamble, but this has the feeling of VEN mark 2 and I don’t want to miss out on this. I already have my Strength X node for VEN but Thunder X is out of my range, so this would more than make up for it.
Given that I’m going full time into crypto in a couple of months it’s natural that I would worry about prices fluctuating like this, but I have managed to develop a thicker skin as far as fluctuations like this go and just ignore them. I have rock solid faith in the long term viability of crypto and simply have to engineer myself into a position where I as insulated as possible from these price movements, which I’m trying to do via my various avenues and reduce my trading over time. Every now and then I have mini freakouts about what would happen if it all crashed, how I’m putting everything into this ecosystem, but it really is the only chance I would have to forge anything like the kind of lifestyle I would aspire to. As long as I make sure I have a year’s worth of cash reserves I've hedged responsibly against major failure and then have a year to get back to regular work. It would be soul crushing were that to happen but I just can't see it now, and I know that I will be no worse off and potentially significantly better off for doing it, so for me it's a gamble worth taking.
