"Nowhere to Run"
.....is probably what you are feeling right now and it's also "The best Van Damme movie ever!" (David Sheeham's words, not mine).
Crytocurrency downturns can be brutal and bloody. We are in one right now.
You probably think that you don't have many choices when the whole market is tanking. At least with traditional stocks you can just sell and go into a cash position.
Luckily you have a few options:
Find losers to move into. Sell winners and hold losers holds true to crypto just as in traditional investing.
Find cryptocurrencies that don't move much or have a lot of volume and park balances there.
Find winners - Not all coins lose money. Some gain. Search them out and jump in with everyone else.
Tether. Perhaps this is the safest option when you are uncertain when the bloodbath will end.
Tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD. This means its stable and it doesn't go up or down (price can fluctuate but stays around $1)
When to deploy to tether:
- when market is tanking and you unsure of the bottom
- when you are in a long bull run and you have a feeling that things can go bad any day. You can hedge your bets and move little by little in tether. No market goes up forever. Better to be safe than sorry.
- Some traders keep a portion in tether to deploy when they see a correction and jump at the opportunity using Tether funds.
5.Stay the course and wait. In crypto everything will eventually pop back. Usually hard and fast. Sometimes the best plan is to ride out the storm with strong hands.
Remember....
Good luck with whatever option you decide. Let me and the community know if you deploy a different strategy.
Kryptonaut
