It’s another crazy day in the world of crypto. Bitcoin red is still across the board. We had a little bit of a pump there. And now things are starting to come back down a bit again, and I just wanted to discuss exactly what I’m doing right now. Everything that I’ve done in the last, you know, 24 hours and what I plan to do going forward, where I think we’re going next and some of the news that you need to know to be fully up to date. But if you’re unfamiliar with cryptocurrency market, Jet-Bot enables you copy best traders and follow all their deals automatically, using Binance trading bots. Users gain from 200% – 2,000% APY. Register the account to get your 3 days trial access.
As you can see here, we still have Luna down 50%, GMT down 17%, and 8 coins down 10%, regaining some momentum. Since yesterday, we got XMR, Monero down to 12% and a bunch of other coins down. There is a lot of fear, uncertainty, and doubt in the morning.
The overall market cap is sitting at 1.43 trillion dollars, down 4% from yesterday, which is pretty bad considering we’ve had six straight consecutive red weeks here on bitcoin. A seventh one has never existed. Here we go. There’s never been a seventh one. The last time we even saw six was way back in mid-2014, so this could hopefully be the last red week before we head on further. It’s really hard to tell at this point right now at $31,180 that we are sitting right on that line of support very much on it. This is really make or break for this uptrend. If it breaks, I would not be surprised for us to go down lower, but I wouldn’t get too excited too quickly about it dumping super hard. I do, however, think that wicks down to the $28,000-$29,000 region are very light simply because people are going to have stop losses sat right here.
If you were someone who was manipulating the market, it’d be very easy to know that. I watched it. We had a very scary thing happen with us and the anchor protocol and the Terra Luna ecosystem. People were panicking. The stable coin was actually pegged down to around 60 cents. It was very scary, and I made a big mistake. I had a lot of my money in UST. I was way too overexposed, and honestly, this was a really good wake-up call to remember that all money in crypto is not safe, even if it’s in stable coins, whether it’s an algorithmic stable coin, like UST, or something like USDT, which also has a lot of fear, uncertainty, and doubt around it.
Is it really backed up by the dollars? We really don’t know, so it was a good wake-up call. Something that is paramount that we’ve learned now is to make sure that you always clear profits into the real world. Yes, it’s going to have tax implications and all of that sort of stuff, but that’s what we’re here for. We’re here at the end of the day to make money right.
Don’t keep all of your money on platforms. Don’t be silly like I was and keep more than 50% of your staple coins on a platform like this. I dropped 40% on my stable coins and you’re not even able to buy the dip. That was the worst part about yesterday. Most of my money was locked up, so I couldn’t even buy the dip as heavily as I would have liked to. I did, in fact, buy the dip. I’ve been buying Bitcoin all the way down here, right all the way down to the low $30,000. I managed to get some yesterday. I’m very happy with those purchases. I’ve bought more today and I’m simply going to continue that going forward. I want you guys to prepare yourselves for the possibility that bitcoin goes to $19,000 or $11,000. I don’t think it’s very likely that it does, but prepare yourself for that. That way, you won’t be buying too heavily now. You simply need to dollar cost average your way into the market. That’s simply what I’m doing. I’ve been buying essentially every day since we crashed, but it’s very slow. It’s a very small amount in comparison to my full portfolio.
With that said, when the market is in a situation like this, we need to have the opportunity to sell when we want to sell and to buy when we want to buy, and for that we need really deep liquidity, so a lot of liquidity so the prices don’t fluctuate too much and we want to have access to the best price possible.
Anyway, moving on to some news today, we got good old Peter Schiff telling everyone that bitcoin is going straight to 10k, and hey, he might be right, but you better know that I’m going to be buying that dip. We also have Russia admitting it’s facing economic collapse over Putin’s war. This could result in them pulling out. I really hope that does happen very soon because it would be very good for the market, especially with the CPI meeting coming out tomorrow. If good CPI data came out, and Russia pulled out of the Ukraine, that sort of stuff would be very good and bullish for the market.
A nice thing that we are seeing here on that bullish note is bitcoin retesting $30k support as data highlights bitcoin whale accumulation. The price is going down, wallets holding ten thousand to one hundred thousand bitcoin are going up. This is very good to see and very interesting to see that whales are still buying. Of course, I’m not a whale, but we can check this whale out. This is the third largest bitcoin holder here who has simply been buying and buying and buying and buying with a few sales here and then buying again. Check out the bitcoin rich list and you can see what these whales are doing.
On that note, what have I been doing today? First of all, I’ve been buying some bitcoin because that is my long-term hold that I want to keep on top of that over the last few weeks. I have been de-risking from my more risky investments. These are smaller cap coins. These are coins that maybe have lost conviction in that sort of stuff. I’ve been de-risking from things like that just so I have more money and more capital to put into UST on anchor protocol. Because I can’t access it, I have more money to actually buy the dip now.
On top of that, I’m accumulating stable coins. I have today actually removed some of my liquidity from the Anchor protocol. I haven’t yet sold my UST but I do plan to get rid of some of it and move it into USDC or BUSD for now. Also, I have taken some liquidity off Don-Key. These are both the protocols that I was using for my staking but as we are in a market condition right now, I do not want to be in the situation I was in yesterday where I don’t have enough liquidity to actually purchase big amounts when I want to. That’s the reason why I’ve taken those off. I still think both projects are good and I do think they’ll stand the test of time, but we’re going to have to wait to see exactly what happens with them.
So with that said, I do hope that provides you with a little bit of insight into exactly what I’m doing. I am still fully bullish on the cryptocurrency market. I still think we’re gonna go up, but I do think we’ll see a little bit more blood from here on out, but I’m okay because I’ll simply dollar cost average into the market.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/R-n9nmPVJmk ]