The blood letting in Crypto has begun.... again. Although this time I think I am quite oblivious to it having experienced this situation many times. Losing just over USD100,000 in the Terra Luna collapse has made me see things a lot differently. Also the fact that I really don't have much crypto bags left and I am still recovering.
But, this is an exciting time that may offer an opportunity for me to regain a few dollars a long the way. Alt coins are once again getting smashed with the majority of the crypto market down almost 6%. Don't worry we may still have a bit further to go and wouldn't be surprised if we come close to the 10% decline.
What's caused it? well at this time in the Crypto Sphere does it really matter? the market is highly speculative and moves at the slightest sound. But people only ever notice the downs. There are two kinds of people that appear in the downs. Those that sell and lose and those that are starting to buy more in these down turns.
Cathie Woods the CEO of Ark Investments has taken the opportunity to buy up Block and also Coinbase shares despite all the SEC rumors about the US suing it. Despite the negative press Coinbase is a US registered company and if we could take a punt we'd say they will be fine. Especially given the SEC hasn't removed their ability to deposit and withdraw USD.
Cathie Wood's reason to purchasing Coinbase was broadcast to many as with the recent illegal activity allegedly committed by Binance, she is tipping the SEC will destroy Binance which is Coinbase competition and if that happens, she'll make quite a lot of coin.
She also states she is continuing her target for USD1 Million Bitcoin and maintains high confidence in the digital currency stating deflation is an issue now not inflation.
Image souce
Despite heavy bank runs with more possibly on the way with Robinhood looking to pose a Billion dollar threat we've seen Bitcoin market dominance advance. As Altcoins take a hit on the back of some bad news such as Solana and Ada, those funds seem to be finding their way over for some cheap Bitcoin.
The majority of carnage appears to be occurring with Alt coins and they're back to their last years low, how much lower they will go is anyone's guess but if you're looking to make a few quick bucks it might be worth keeping your eye's peeled.
While there is a sea of red out there atm the actual reduction has only been USD1Billion thus far with the market still looking quite stable and healthy with around USD1 Trillion still in the economy.
The SEC declarations of action against centralised exchanges has seen many turning to Decentralised Exchanges once again to avoid lost assets. Total volume on Decentralised exchanges have just about matched centralised exchange volume.
This is a clear indication that peoples faith in digital assets hasn't subsided but their faith in centralised exchanges has diminished. This is nothing new with Uniswap many years ago becoming the top tier decentralised exchange and pancake swap providing people with an additional model with cheaper fees.
So while things might look bad as Green turns to red the market appears to be reacting very differently in comparison to the previous times the market has bottomed out.
All we need now is the auto que media responses making statements that Crypto is dead and then a few weeks later promotional ads as Crypto surges back to the forefront of everyone's minds.
What are some of your crypto tips over the next few months? Do you think we will continue to see a drop in the value of Crypto or are we only experiencing some FUD with the recent SEC action and will be back to trading higher in no time?. Let us know in the comments section below
Have fun and happy hunting everyone and remember please be safe this Bull season and only invest with what you can afford to lose!.
Don't forget to upvote, reblog and subscribe to stay up to date with new and emerging crypto news. For all else, create an account on Leo Finance and be on your way to earning an income blogging!
image sources provided supplemented by Canva Pro subscription this is not financial advice and readers are advised to undertake their own research or seek professional financial services
