As of this writing, #BCH is down to $668.45, a notable 14.71% slide from yesterday evening. But I'm not worried and neither should you be. #Cryptocurrencies are volatile, unpredictable, and can be difficult to keep track of, especially when you #HODL several of them.
Good fortune
Yesterday, I was planning to transfer .07 #BCH to ADA (Cardano) to diversify my portfolio. At the time, BCH was at $770 plus, and #Cardano was at $2.97. But my mind said, "Wait, Mariel, and let's give it until evening." And so I did and the market began to slide downward.
Why is crypto down?
The short and sweet of it (or not so sweet) is that as goes #BTC, so goes most cryptocurrencies. You have likely observed this if you've been involved in crypto even for a few months.
#Bitcoin is the original cryptocurrency, as we all know quite well. It has stood the test of time as an alternative to fiat money (those nasty paper bills printed out of this air with no backing save for what people place a value on).
El Salvador is the culprit?
The Central American country, besieged with economic problems, among many others, is the present culprit. The country announced Bitcoin as legal tender and bought up some coins before the law went into effect.
Aw, shucks, El Salvador.
Now the country is holding some 500 coins.
But China and the USA are also partly responsible, what with pending laws over crypto. But you can bet your sweet hippy that lawmakers have already bought coins and will buy the dip.
At any rate, the markets overreacted in my opinion. Paperhands became worried and sold. El Salvador and those with the fiat means, bought.
But El Salvador barely has Internet, is deeply impoverished, and lacks the capacity to mine and trade crypto. I don't see them as a threat whatsoever.
The future
Panama is said to be the next (second) country in the world to adopt Bitcoin as legal tender. Surely other countries will follow suit, especially third-world countries. As previously noted, eventually all countries will make crypto legal tender, and CBDCs will compete against retail crypto investors.
My goal
I'm not angry with El Salvador, China or the United States and their positive and negative moves with respect to cryptocurrencies. I am buying the dip.
In fact, I am taking that .07 BCH I earned on read.cash and buying #ADA. Meanwhile, I'll hodl my remaining BCH.
Disclaimer and prices
As I complete this post, kindly note that I am not a financial advisor nor do I pretend to be. You must decide for yourselves what to do with your coins and tokens.
At this moment, 8:05 a.m. #Philippines time, BCH is at $66845, down 15%, and Cardano is at $2.48, down 12.21%. Time for me to buy the dip before they move higher.
I really like this dip, it has been good avenue to get more AWC token and have enough to stake. It's APY is good to less loss and expect high. More about AWC staking - https://atomicwallet.io/awc-staking