Everything is crazy today in the world of crypto. Right now, Luna is up over 1,000% so a 10x now to have caught the very bottom. If you are out there feeling bad that you missed this pump, to have caught the very bottom would have been near impossible. I’m sure some people did, but it would have been near impossible. If you had bought it, let’s say one day ago, if you put $200 in it would be worth two dollars or even two cents. It’s gone down 99.9% every day for the last few days. If only the people that managed to catch the bottom would have got that pump. If you did, congratulations, because you’ve definitely got back some of your losses and should definitely consider banking some of those profits. Obviously, it’s up to you now.
I was ready to buy the deep if Bitcoin dropped to $19k and now I am significantly low on that dry powder. Yesterday I was taking some profits off the table because we had a lovely little pump with the old coins. I did that and then today we’ve had a nice little pullback. I am putting some more money into the market just DCA into Bitcoin and Ethereum but do stay keep in mind that I do expect this to drop lower. I am simply just going to continue to dollar cost average just like I was planning to with all of my stable coins, but now I just do it in smaller chunks. I’m still sticking to my game plan because I think generational wealth is made during bear markets. This is now being applied to my trading style and my plan for stocks and shares. Also, if we have a housing market crash or anything like that, I’m going to be buying as much as I possibly can and continue to try and build my wealth during this time.
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Anyway, we got here at Luna around 800%. This has come down a little bit since I first opened my phone, but this definitely is not from the bottom.
We had a little update from Do Kwon where he said,
I’m glad he at least came out and said this, but at the end of the day. A lot of people’s lives have been completely ruined. It’s absolutely insane what’s going on yesterday. They are going forward, but in a roundabout way. There has been a suggestion that they fork Luna, create a new token and then give that back to the holders before the de-pegging.
We’re not sure if that will be given to holders on exchanges like centralized exchanges or if it’s just from, uh, people holding their money on Anchor. We have no idea what’s happening, but there is potentially some light at the end of the tunnel. Will this get your money back? I don’t know. I’m not sure honestly at this point, but at least something is happening right now.
Anyway, yesterday I did tell you that I had a current position open. Obviously, I held a significant number of my stable coins in UST and I lost 80% of them. I then woke up the next morning after selling and it was down to around six cents, so I bought 50% of my position back. I waited for that to do a three and a bit. I then took that out while sitting on the sidelines. With that said, if we start to go down even more, I may get back in, or I may just accept the loss and try to move on. I do hope that you guys are all staying chilled in this market.
Bitcoin is currently sitting at just under $29,000. I do think the market is showing signs of strength around this $30K mark. And it’s very important that we hold this if we don’t expect there to be a drop to around $19k and expect that to happen and plan accordingly, and hopefully we can get through this together.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/_WurIYCWeZQ ]
