Hey everyone! So to start this off, I'll say three things...
First, there's no need to panic. Really. I mean it.
Second, seriously, there's no need to panic.
Third, this is not financial advice, just my opinion.
So many of you may have noticed your wallets get a lot smaller this past day (unless you were carrying Bitcoin Cash or EOS among a few others).
Yesterday, we saw at one point, ALL 100 top cryptocurrencies in the green! This is highly unusual!
Today, we've seen most in the red, especially Bitcoin. Bitcoin has broken from the 10 to 1 ratio with Bitcoin Cash that we've seen for a couple months now. But alas, Bitcoin is still over 2 times the size it was a month ago today. Like I said, no reason to panic.
But there has been something slightly unnatural about the entire crypto market lately. While there is the mass adoption factor which needs to be noted, something tells me there's more to this picture.
Being diversified like myself, I feel no true concern, but there's this feeling deep inside, this thought that keeps popping into my head and that's the concern I really wanted to put forward in this post. Are these bankster futures pulling down the price of Bitcoin and causing a bit of an uneven fluctuation within the cryptocurrency market as a whole?
Future are a good thing from the perspective of application use for Bitcoin, though I think one would have to be crazy to invest in Bitcoin futures as the markets open at about 9am and close at 5pm. Anything happening between that time and you're out of luck.
But it's more of the derivatives factor that causes distress.
Gold and silver have been held down in an artificial bear market for many years. The natural gold and silver prices are far higher than what we currently see with countless paper contract ETFs on the precious metals.
This will not last forever as the inevitable end to the banking system awaits. This will release a ton of pressure and we will see a massive shot to the moon for gold and silver and the same goes for Bitcoin if it's being suppressed like I have a feeling it is. The timing is just too coincidental.
Bitcoin is also dealing with a lot of transaction issues, from waiting time to high fees. I've been waiting 10 days for some of my transfers from one wallet to another to go through and that's stopping a lot of businesses to stop taking Bitcoin for the time being.
Bitcoin Cash has been showing a lot of promise as well.
But I think these issues will be solved. Bitcoin is.... well.... Bitcoin after all. I mean most people buy Bitcoin first before they buy into another crypto, so that brings a lot of people to the cryptocurrency. People also know the name Bitcoin more than any other crypto. The word of mouth alone can be enough to keep it king for quite some time. Though it is a competing currency system after all, and the best one long term will win on the free market.
So this post ends with confusion and awe. There's no real way to explain what's been going on lately. It's one of the most enjoyable times ever in crypto, but also some of the most nerve wracking times. It's going to be up to us as individuals to watch the tides and make the right decisions for ourselves.
Below, I'd love for you all to comment your thoughts on what's been happening in the market lately. Your predictions and your concerns. What you're excited about and what you're worried about.
In the end, this all comes down to collective human psychology. It's good to see where people's heads are at.
This post was pretty much all rambling, but I feel like that's what most HODLers are doing right now, so I'm sure many can relate to this jumble of words. haha