Bitcoin: $10,541.10
Market Cap: $448,368,506,187
Bitcoin lunged up past $11k this morning before being rejected, but this has a knock on effect to alts, leading to the familiar equation – either Bitcoin is going to go on a run, in which case alts will suffer, or Bitcoin will get rejected and drop massively, in which case alts will suffer. This is why I’ve taken not a scalpel but a scythe to my alts and got rid of almost all of them – the only ones remaining are SPHTX because of poor liquidity, PAC because they’re having a hard fork tomorrow and ELA because it is holding up tremendously well. So I’m almost now almost in Bitcoin, poised to move into FIAT if it looks like Bitcoin is indeed going to drop. Obviously in hindsight I should have done this days or weeks ago, as I’ve cut coins loose that have lost me thousands, but it wasn’t that long ago that alts were experiencing double digit growth and a run looked possible. Now however my instincts still say that further bad news is expected, meaning that it might be new lows throughout March before a run in April. Being almost all in BTC/FIAT is the best place to be if this happens so I have my pick of the alts.
The first full day’s trading as part of the Guna Fund worked out quite nicely – a 20% profit in less than 24 hours, meaning a quick £7k! It dropped down to 5% this afternoon, but still – it bodes well if those kind of returns are possible in such a short space of time. If BTC does drop, these guys will be able to make the most of it by shorting it and other coins. I don’t plan to take any money out for many months to allow compound interest to works its magic, so hopefully there will be a nice fund there later in the year when I want to redo the garden! We’re currently experiencing the effect of a Polar vortex which has led to a foot of snow and -6° temperatures where I live in Harrogate, all of which is putting a huge strain on our 20 year old boiler! I’m fervently hoping it can cope and come out the other side before we can finally allow it to hang up its thermostat in the summer when I can replace it. Technically I can afford to do it now but it would mean selling some BTC at a critical time and going over my allotted tax allowance, which would then necessitate forms, accountants etc, and for the sake of a few weeks I can delay this by about 18 months when I will have to do all the forms anyway. In fact, the other advantage of having almost everything in BTC is it gives me a sort of blank slate to start from when it comes to doing my taxes – I can say I don’t have any records up until this point (which is kind of true) and then I can just start from now, rather than having to account for thousands of alt trades. Not looking forward to the day I have to do that.