The overall Crypto market has been looking a little sad lately. Each day I have been waking up to pretty much all red on my watchlist, and portfolio values in decline.
Indeed, when we look at the 7 day performance, most coins and tokens are down 15% - 30% is seems.
So, I'm just keen to gauge the overall feel of the Leofinance community.
Are you worried?
Is this a full bear market, or just a dip?
Wen Green?
Time to go mainly to stables, or keep DCA and compounding?
Switch to majors, or keep stacking Alts?
Sell down crypto holdings for Gold and Silver?
Are you OK?
So, here is where I am at with this:
Are you worried? Yes, a little. I am in a position at the moment where Crypto is my main source of income. Having to sell earnings regularly to fiat, its troubling to see the value of that income decline. I am having to sell a much bigger portion of my income to maintain my living expenses, and that means I am missing out on compounding opportunities. Also, selling coins at half the price they were just a few weeks ago hurts, not going to lie.
Full Bear Market, or just a dip? I don't know to be honest. Hopefully just a dip, tax selling, correction or what not, but I don't know. Macro economic outlook seems pretty shit overall to me. In the past I would have said that would be bullish for crypto, but now I'm not so sure. The "crypto as a safe haven from fiat collapse" narrative isn't playing out. When stocks go down, so does crypto. It is feeling more and more like just another asset class, that will sell off along with all the other assets. Expecting a major correction/crash in fiat markets, I'm concerned that crypto will follow suit and also crash. Reading this post by @edicted calms my nerves a little.
Wen Green? The million dollar question. Who knows? May?
Time for stables? Well, HBD certainly looks a lot more appealing at the moment. 20% APR on our very own "stable-ish" coin definitely has its attraction. To be honest, I don't know enough about the mechanisms behind the relationship between HBD & HIVE to have a considered position on how sustainable this APR is. But building a stable position, either directly on chain or in the upcoming POLYCUB offering is appealing. I do really like @themarkymark's advice in his recent post and will likely set up a cold wallet for HBD savings.
Switch to Major's, or keep stacking Alts? I think overall it isn't going to matter much. The whole market is moving pretty uniformly, with most coins following Bitcoins lead. Not real sure what (other than stables obviously) might perform better during a sustained sell-off.
Sell for Gold and Silver? I have started slowly along this path, swapping to buying some physical PM's over the last few weeks. Never owned any before, so I'm slowly trying to build up some weight. But a silver coin in your safe doesn't bring in any income. So unless I go back to a fiat job, I've got to keep hustling for crypto. Slowly and steadily building up PM's over time. Also hanging for Comdex to launch, which will let me LP some Commodity Synths for yield. Really, really hoping it's launch is not too far off.
Am I OK? Yes I'm all good. A little concerned, but not stressed out majorly yet. Another 20% to 30% decline will make me a little twitchy, tbh, but so far I'm ok. Mainly just annoyed. I had planned another year or two in the fiat job, but was vax mandated out of work. Still angry at my former employer for not allowing their workforce to make their own medical decisions, this late in the pandemic. But anyway, I'm hopeful of weathering this downturn, and that improved conditions will allow me to stay out of the fiat workforce and stay full time crypto.
Let me know where you are all at with this. Everyone ok?
Thanks for reading, I'd love to hear where you are at in these times of red.
JK.
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@edicted calms my nerves a little.
@themarkymark's advice in his recent post and will likely set up a cold wallet for HBD savings.