The great cryptocurrency depression - winter is here!

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Avatar for Kushyzee
1 year ago

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 tΓ­ps 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 πŸ˜†

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 πŸ˜‰

Special thanks to @FarmGirl and @foryoubtc09 for their sponsorship renewal

Thanks for reading πŸ’–πŸ’–πŸ’–

Thursday May 12, 2022

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1 year ago

Comments

Nothing is certain in this world but it doesnΒ΄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. ItΒ΄s only a matter of time and we should be patient.

$ 0.02
1 year ago

Yeah that's just it, it might take time but it will definitely rise again. It's not like all of them were rugpulled, it's just a temporary fall in price

$ 0.00
1 year ago

It's not a funny thing o πŸ€£πŸ€£πŸ˜‚πŸ˜‚πŸ€£πŸ€£. I heard the story about those who committed suicide. It's a terrible position to be in. I lost 60,000 naira too but we move.

$ 0.02
1 year ago

60k is still huge o, if I lost something like that right now I will be heavily depressed πŸ˜‚ but there's nothing that can be done about it, it's best to just move on

$ 0.02
1 year ago

Hahaha what can I do? We gotta move on and hope to recover it elsewhere too. We win some, we lose some.

$ 0.00
1 year ago

Buy the dip buy the dip. Where is the fiat πŸ˜–

$ 0.02
1 year ago

πŸ˜‚πŸ˜‚πŸ˜‚ I no even try am even if I get the fiat

$ 0.00
1 year ago

I will if I did.

$ 0.00
1 year ago

πŸ˜‚The dip offering your 2$ as a sacrifice is the funniest meme I have come across today, though it hurts sha.

$ 0.02
1 year ago

It hurts but wetin man go do πŸ˜† I just have to turn it into a joke abeg, people have lost millions

$ 0.00
1 year ago

That is why we should invest only a money that we can afford to lose. I think its not a wise decision to pawn your properties just to invest in cryptos.. It was so risky.

$ 0.02
1 year ago

We will always have a certain set of people that will pull off a risky move like putting their entire savings into crypto. I don't know if I should call it a risky move or an even foolish one

$ 0.00
1 year ago

Could that be tooπŸ˜‚

$ 0.00
1 year ago

This is my first time experiencing this kind of thing, it was like "the more you look, the less you see". I just left the little quantity of BCH in my wallet to do as it like. I can't come and kill myself

$ 0.02
1 year ago

"the more you look, the less you see" πŸ˜‚ that's exactly what it is. The more I look at my wallet, the less amount of BCH I see there 😩

$ 0.00
1 year ago

Even me, I somehow felt bad when I saw the decrease in BCH. Well I only lost $5 and it's paining me so badly

$ 0.02
1 year ago

You will get it back when BCH rise again, it will certainly go back up but it might take time

$ 0.00
1 year ago

My Lord, KSI is still laughing after losing $2.68 million🀣 I would love to be like that!

$ 0.02
1 year ago

Imagine laughing after loosing such amount of money, meanwhile if I lost just $50 right now I won't be able to breath well πŸ˜‚

$ 0.01
1 year ago

How can somebody commit suicide bbecos of dip? Maybe they go sell their family house use am invest.

$ 0.02
1 year ago

The small amount of money I have lost because of the dip is paining me and I didn't even use my real money to buy the BCH o, we are talking about just a loss of about $10 here. Now, imagine you invested $1 million dollar in a coin and you wake up the next day to see $1000, you no go dey depressed? I fit run mad sef

$ 0.00
1 year ago

That's true. That's why it's advisable to invest what one can afford to lose. But you know, this is not the first time something like this is happening. The market definitely picks up after sometime I guess

$ 0.00
1 year ago

Yeah, but that Luna's own will take a miracle for it to pick back up, and that miracle will come in form of a whale pumping million of dollars into it, which is highly unlikely at this point

$ 0.00
1 year ago

Omo, them fit commit am o. Imagine person wey go borrow money from bank to invest in crypto or person wey go use life savings buy am? Na depression go kill the person na. This LUNA dip is a really pitiful event.

$ 0.00
1 year ago

What happened to Luna is a fact that crpytoverse is a gamble, you can't predict what may happen in the future, those who have in power or holding a huge amount of that token have the capability to take their investment and run away, it's sad that there are cases of suicide due to what happened. It's not just in crpytoverse that all are in red cause even the stock market is also in verge of downfall, I'm terrified that there will be economic depression due to war happening right now.

$ 0.02
1 year ago

The crash of the stock market is the main reason why the cryptoverse is in a danger zone right now. We have always know that cryptocurrency is highly volatile, but we can never be prepared for when prices starts crashing like this

$ 0.00
1 year ago

The situation in Luna is not normal! It just doesn't make much sense to treat this as just a market downturn. The markets remain under this effect for a while. In fact, we seem to be experiencing the same after 2017.

$ 0.02
1 year ago

Luna's situation is more of a rugpull because a major whale pulled out his capital, and that's what led to its crash

$ 0.00
1 year ago

8 suicides? The numbers keep increasing πŸ˜₯ I opened my wallet this morning and the values of my assets were heartbreaking. Make I go stop Russo-Ukraine war o, abi?πŸ˜‚

$ 0.02
1 year ago

πŸ˜‚ that war has a small part to play in this, the major culprit is the crash of major stock markets. The crypto market will recover sha, it's just a matter of time

$ 0.00
1 year ago