I Shed $300,000 of Bitcoin

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Bitcoin and also crypto collapsed – I shed $300,000

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Supplies are selling, Bitcoin is selling – I shed $300,000 in Bitcoin and also Ethereum. One of the most vital to bear in mind is context, on December 21st of 2020, 5 months ago which is not that lengthy earlier – Bitcoin deserved about $23,000. It had simply damaged the optimal of the last perpetuity highs that we had in 2017 so to claim we’ve collapsed is a bit of a stretch yet that relies on when you began spending. Below are 3 reasons that the cryptocurrency market is selling.

Factor 1:
Over exhilaration, there was utilize in the marketplace and also individuals with a lots of cash made a decision to take some earnings due to the fact that they understood the energy was reducing. When it involves incredibly unpredictable properties like Bitcoin when every person anticipates it most likely to $100,000 by the end of the month, and also it doesn’t – people sell, then people get greedy again, and the cycle repeats. That’s the simplest explanation but there was more to it than that.

Reason 2:
Elon Musk but it’s not his fault. When Elon and Tesla bought 1.5 billion dollars of Bitcoin in March, the price went up substantially when it was publicly announced – no one was upset about that because it was helping people who were already invested in Bitcoin but that was still a form of manipulation and a signal to everyone that it’s incredibly strange that one man can influence the price so much. It makes sense that it would go the other way around and that the price would fall by an equal amount if he decided to change his mind – which he did.

On May 12th, Elon decided to stop accepting Bitcoin for Tesla – the price immediately dropped. May 16th he hinted at potentially selling Bitcoin, the price dropped. May 17th – just kidding, not selling, price went up. My theory why Elon may want to manipulate crypto markets is because of his relationship with the SEC which has always been a game of cat and mouse. Perhaps this is his way of pushing back against the establishment which the SEC is a part of.

Reason 3:
China loves to manipulate markets and it always follows the exact same format. Some rumor will be posted to an online forum that “big news is about to come out”, then the article gets published and we get a badly translated version of the article that takes it way out of context. People who can’t read Chinese repost those articles to calm people down but by then it’s usually too late and we get huge market sell off because people get scared.

The truth is China is not trying to ban Bitcoin, they already effectively have since 2017 and they were just repeating what they had said prior which was to not allow financial institutions, brokerages, and businesses to offer services using crypto. This means China doesn’t want to recognize Bitcoin as a real currency and does not want individuals using it to buy things with. What’s interesting though, is you can still own crypto, you just can’t buy it very easily.

My response:
This may not be the top of 2021, for example – in 2017 when Bitcoin returned roughly 1325% – we had at least 5 major corrections along the way: -34% in March, -33% in May, -38.6% in June, down -40% in September, and also down -29.6% in November. This is all in one year and we still ended 2017 with a 4 digit return.

Another good example was between June of 2019 to March of 2020, we went down 60.8% yet still ended 2019 with 88% positive. The point is, we have these corrections several times throughout the year.

Are we going higher?
It’s still very possible this was a plot to shake out weak retail investors before moving substantially higher closer to the end of the year. Time will tell yet this is all part of the crypto markets and also doesn’t change anything about the underlying fundamentals of Bitcoin.

What I got:
I bought $15,000 worth of Ethereum, or roughly 5.83 at a rate of $2,560.95.

*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date yet might not be precise in the future.

I Shed $300,000 of Bitcoin

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