I woke up in the morning and as usual, the first place I check is readcash and I took a quick glance at my wallet and my BCH has reduced from what was there the previous night, and I could see notifications of Rusty's tips so I immediately knew what happened. I went over to binance to see how bad it is and it was a bloodbath! BCH was comfortably sitting around $176.
I could remember in one of my previous articles earlier this week, I said BCH is recovering and the bulls are currently leading but it turned out that was just the calm before the storm. I remember telling someone that BCH won't go down below $200 but apparently it punched right through that mark.
BCH isn't the only one being affected, this wind blew across the cryptoverse and a lot of tokens are currently bleeding red. BTC fell from a graceful $40k to the current price of $28k in just a week! It went down by over -28%, while Ethereum dipped by over -34% and BCH by -32% all in just a week.
The coin in the picture above is UST (TerraUSD) and it's supposed to be a "stable coin" but look at its current price. Most cryptocurrencies are struggling to keep their heads above water but the flood is just too great and most of them are drowning. Let's take a look at one of them that's currently wreaking havoc in the world and that's $Luna.
I came across a post about it on Whatsapp and according to it, a lot of investors have lost terribly after one of the whales pulled out his capital, and the token dipped by over 95%. This token was around $88 last week but it's currently sitting at a measly $0.02. investors lost thousands of dollars, leaving many in depression.
I have heard stories of people committing suicide because of the recent dip in cryptocurrency, specifically concerning the Luna super dip (I think it's safe to call it a rug at this point). Crypto isn't for the faint-hearted and anybody going into it should know that it's very volatile and you can end up losing your funds any time, any day.
But I feel people do give up hope easily, the best thing at this point is to hodl. But there again I probably shouldn't be advising on this sought of thing, seeing as I am not one of the investors that have lost millions of dollars, so I can't specifically say I know how they feel. They say it's the person that is wearing the shoes that knows where it hurts.
The only way I can relate to this winter season is seeing the price of BCH in my wallet reducing despite getting típs from rusty. At one point it started to feel like rusty is pouring water into a basket, coz he will give $1 and the gods of cryptocurrency will collect over $2 as a sacrifice 😆
Noticed how I said ”the price of BCH in my wallet is reducing" and didn't specifically say "my BCH"? That's because the BCH remains the same, it's just the price in terms of dollars that is reducing. If you 0.5 BCH when the price was $300, it's still going to be the same 0.5 BCH even when the price drops to $200 and if it pumps again, you will get the same monetary value or even higher
I have been wondering what has been causing this crazy dips all over the cryptoverse and I finally got a bit of explanation from what was going on when I read @Theblackdoll article. I initially suspected that the ongoing war between Russia and Ukraine had a hand in it but I brushed it off, but it turned out to be true.
But that wasn't even the major reason, the major reason for the recent crash in cryptocurrency is because of the crash in the global stock markets. I didn't even know there was a relationship between both of them, but it seems the crash of most stock markets affected crypto as well. The Russian-ukrainian war also played a little part in it, as well as other factors. You can check out the full article here for more details
One thing I know is that BCH is going to rise again, it's just a matter of time. Most people have taken this opportunity that the dip provides to buy BCH and wait for it to pump. Some persons speculate that it will take a long time before BCH rises, but it can take a short time as well, at least this recent dip has shown that nothing is truly certain in the world of cryptocurrency, except maybe the volatility 😉
Special thanks to @FarmGirl and @foryoubtc09 for their sponsorship renewal
Thanks for reading 💖💖💖
Thursday May 12, 2022
Nothing is certain in this world but it doesn´t mean one should commit suicide over it. This same crypto had made many billionaires and it came back to make people thousands. Definitely, this dip happened in days and if it would rise, no one can predict it as it can make you regain all you have lost. It´s only a matter of time and we should be patient.