It's time to take a deeeeep breath. Relax, refocus... It's going to get a whole lot more crazy, and this is why you need to look to the end of the street, not what's in your headlights right now.
We need to acknowledge firstly the success of the crypto movement. It's too easy to look at today's market cap of just $68.7b and make commentary that it's way off and in free fall, from it's recent high of $116b in late June. Yes, the 'experts' will tell you it's fallen over 40% in a month - we can all do the math.
But let's look at some other stats.
June 10 the market cap was only 10.6b, which was the highest it has been across all cryptos. So in fact at the time of writing, it's still up nearly 700% on last month's market cap.
We had a wild ride and it's likely to continue further. We're looking at Ethereum moving possibly from PoW to PoS, and despite a SEGWIT looking all but imminent (arguably the best short-term outcome), there's still risk of a Hard fork wutg BTC, which could further hurt those in hot wallets and miners alike.
It's fair to say, there's a lot of uncertainly.
I expect the market cap to fall considerably lower. When people are uncertain and government starts looking shakey, people run on the banks and draw their money out. It's feeling similar at the moment, with a lot of uncertainty especially leading into the next 2 weeks before the 1 Aug btc deadline, much of the crypto traders are taking safe positions back in fiat.
I encourage it, because it creates opportunities for those with their eyes down the end of the road. We're only talking a tiny market cap, with massive room for growth. Unlike the fed reserve, majority of the cryptos are market-capped without the option to do "reprint" such as the US government has been doing for decades, under the guise of "Quantitive Easing" cough cough... bs.. cough.
How far will it fall, and at what price will BTC find it's level? Well that's the million bitcoin question. I have my thoughts at what point I'll pull the trigger on rebuy. When the dust settles, we'll look in the rear view mirror and have a laugh at what a silly little speed bump it was we ran over, and then realise that's all it was - a speed bump.
It's still early days, and I've said it before - noone loses money until they sell. Just take your time, and hedge back in carefully and slowly. There's a long play ahead and we're only just starting the race. We know the fiat is failing and as the marketcap returns, so will stability.
Enjoy the next 2 weeks, it's going to get ugly, but there's always blue skies behind grey clouds.
