Last night things started normally as they do on most evenings, and the Asian crypto markets began to become active. Then at some point around 2am my time the floor fell out and I saw a 40% drop in my overall portfolio. Seemed like 99% of all crypto's took a massive selloff, and I'm sorry but that seemed more like traditional wall street behavior just before Christmas and not what we normal see. I searched and searched for news, and was even on twitter, and found nothing. At that point I did what I have always done in my trading, and bought when there was blood in the streets. Picked up LTC, BTC, and BCH at a 30% discount.
This morning I can see that the prices are still dropping, and it appears this time zone is also taking profits as well. At this point I'm expecting a major correction, and then we will see a rise once again. Crypto investing requires a strong stomach, and you must have what you think are strong long term buys or you might go insane.
There is some analysis that shows Bitcoin hitting around $11,500 - $11,900 and if so then I will be buying again around those levels. One of the questions I have is why the sell off, and why now. Obviously Christmas being close needs to be considered along with profit taking, manipulation by Miners, and major banks such as Goldman Sachs, JP Morgan Chase, along with central banks.
So what will the next few days bring, and how will certain cryptocurrency fair will have to do with the coins that make obvious moves to the upside, and I am a little suspicious that a large group of market movers may have decided to cause certain crypto to be more dominate in 2018.
Now this is just an educated guess but I suspect that Ripple is going to benefit from this re-alignment. I already have some and will add a little more.
What this also tells me, and is sending me a message deep into the secret areas of my brain is this. It's time for me to load up on all cryptocurrency with strong privacy blockchains. I am going to start making a list and checking it twice to ensure I have even the obscure ones listed, and have holdings with these privacy based blockchains before the masses figure out that GOV backed banking cartels are trying to manipulate our markets.
Until next time!
@johngentry