Welcome to bear market, everything you see is red. Bloody and torturous. Hold tight and don't let the bears swallow you.
Some of the bulls have been denial that the bull run wasn't over yet (that was before), looking at the current market stocks and in crypto it's pretty clear that we are now in the bear market. Scared of bears? Who would not, but if you're not a leverage trader then you shouldn't panic that much since you won't get liquidated.
If you have 1 Bitcoin Cash it is still 1 $BCH (1 BCH = 1 BCH) regardless of the dollar price, you didn't lose anything not unless you sell lower participating the panic sellers. This isn't a toxic positivity as it is the fact, your asset is still intact regardless of it's price.. oh well, if you really need money then it really feels bad.
What really happens why market is crashing?
It's not only crypto market that is in bear trend, stock market has been in a bear market for almost two years now. (Not just in Philippines but other countries as well like US, Canada, Japan and etc.)
All market such as DOW, bonds, stocks and crypto is already bearish since the first quarter of 2022.
Global market are facing economic crisis, like inflation rate hike, ongoing conflict between Russia and Ukraine and it's sanctions.
Even the largest cap stocks in US like $TSLA, $APPL and $AMZN has also massive declined in their prices.
Crypto Market hottest topic why it's very volatile and down
Terra’s Crash
(Chart screenshot from Coingecko)
TerraUSD ($UST) is Terra Luna's algorithmic stablecoin that was down 17.6% as of writing within 24hrs, it should be close to $1 but due to this de-pegged issues happens after Terra foundation made some extensive financial rearrangement.
Terra has made a big investment in Bitcoin in March that purchased $139 million. Do Kwon, the founder of Terra tweeted that he's building $10 billion Bitcoin reserve in helping UST's value to be boosted, but the plans has been switched.
Terraform Labs is the parents organization of UST, the LUNA crypto and Luna Foundation Guard that Kwon also leads has liquidated its treasury including Bitcoin assets that is $1.3 billion in value estimation, as well as the LUNA asset.
(Chart screenshot from Coingecko)
LUNA has been on top 10 ranks in last 7 days and all Luna bankers have been very broke right now, I hope they are strong enough to handle the losses.
The tweets says “deploying more capital” just to held Terra's position in the market. Along with that he added some plan insights in large recovery plan soon.
Tweet link: twitter.com/stablekwon
Bitcoin's ($BTC) price fall
(Chart screenshot from Coingecko)
Bitcoin's price fall has direct relation with the current Terra's selloff, it also create more FUD to small investors or traders thinking that major investors are now wiping off their hands in crypto.
Currently as of writing this article Bitcoin's price is at $26, 973 breaking the $28K.6 support..this is the lowest level Bitcoin traded since last July 2021.
We all know that BTC is dominating the crypto market when massive sell off happens to the mother coin, everything will follow.
Source: boardroom.tv/crypto
Fear & Greed Index indicator
(Image screenshot from alternative.me)
Fear & greed index indicator measures the market sentiment wether it's in fear or green and currently the market sentiment is at 12, which is extreme fear.. meaning the fear is getting insane to all investors and that they're scared to enter the market as of the moment.
The sentiment didn't change from yesterday, it is still the same.
(Chart screenshot from Coingecko)
Currently more massive sell off is happening and BCH is at $168.83 with -25.9%. This is really insane and bothersome!
Lead image: Pixabay.com (modified)
Ending Remaks
This is why we shouldn't treat whatever crypto we are earnings as job salary because it isn't stable at all, crypto is very volatile, therefore if you treat is as your own source of income you'll likely end up frustrated waiting for the price to go up. Let say, that's really the case for you then you should've been wise on your selling strategy like sell half, sell 3/4 or anything that works for you so whatever happens to the market it won't affect you so much..
As for me, I still rely on fiat that my partner sends me monthly. I still have to convert the $3 savings a day for April and May month that's all I wasn't able to do since I was waiting for good price bounce but never happens.
Hopefully good days will come... Soon!
Until then, hooooooold and never sell at lose.
Stay safe, stay sane. Trade wisely!
More Crypto Articles:
Until When Will Bitcoin Cash (BCH) Stays In The Bottom?
PAWNing Bitcoin Cash ($BCH) Via BlockNG
Copy Trading - Bityard Experience & Observations
Tara Magtanim Nang Puno: Retweet To Plant A Tree 🌴.
Grow Your BCH Satoshis In Bitcoin.com
I Earned 0.70 BCH By Playing Axie
How To Cash Out VIS Direct To Gcash-Bank Acct. Via P2P In Binance
Find me at:
•readcash •noisecash •Publish0x •Hive •Twitter •Telegram •Discord •email
Date Published: May 12,2022
The reason why I am looking for another stream of income where I will not earn crypto but fiat.