Cryptos again today take a major hit, a hit which I figured would continue on for the next 2-3 days and has. The amount of negative news that has come out about bitcoin is just overwhelming this year.
Facebook bans ads related to crypto, India media drops the ball by misinterpreting governments regulation speech(today), CNBC keeps saying every $1,000 drop is crucial (yesterday it was 10k now todays its 9k lol freakin lame news)
As you may know bitcoin has always traded on wild news and many times it has spelled doom and gloom for bitcoin. This has always lead to steep declines and the last major one I can remember was China so called exiting bitcoin which never ended up happening!
This again seems to be one of those times, bad news, people making mistakes and a major sell off happening. But even at $9,000 + right now bitcoin has still gone from $800 to $9,000 in just 6-7 months time frame that is MASSIVE. To me this could be one of those entry points here soon especially once news is cleared up about India.
What I do know for sure though is that Ethereum is inching closer and closer to beating bitcoin in market cap and only good news has come out about it. (I am sure once it hits number one the media will start attacking it next) From what I recall fake bad press is illegal and I feel like lawsuits are in order vs some of these news websites.
Remember all of this is my own onion so please take responsibility for your own actions and investments. The only person you have to blame for your actions is yourself.
I agree with this 100%. Don't get me wrong, I've had moments of fear and considered selling some bitcoin but I think the price is only going to go up in the future. I think a lot of this price drop is manipulated and predicated on fear-mongering and greed. I think that ultimately this drop has made a lot of people richer and a lot of people poorer.
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A bunch of people told me to sell bitcoin over the holidays and continue to chirp "I told you so". The only problem with that strategy is taxes. Selling when you hold for less than 12 months results in short term capital gains tax.... plus, like you I am confident that the value will continue to go up, even if this is a less than pleasant drop in value. Buying for the long haul, not trying to time the market or be a day trader.
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oh yeah i've made it so I hold mine for 12 months and 1 day at least! that extra percentage tax really eats your bottom line.
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Good to know. I wasn't aware of that. Extra insenstive to hold on for the ride.
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Makes total sense. I really need to read up more on this. I knew I'd pay tax but didn't realize it's more in the first year. I'm in Canada so I'll have to research this more.
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Ah might be different for you here if an investment is over 1 year and 1 day it is considered a long term investment and taxable at 10% while if its a short term investment under that its taxable at your current income rate for that year. (of course as always speak to a tax professional first) Always gotta cover my butt lol
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Definitely. Thanks
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Reminds me of June and July of last year, where it was sitting between 3,000$ and 4000$; going up and down - everybody thought it was the end Bitcoin's run.
Then plans were hatched to finally implement SegWit, everything stabilized, and then Bitcoin started rising again. I have a feeling this is going to be very similar to that, except with news of potentially implementing Lightning instead of SegWit.
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It cracks me up some days seriously, when the sky seems like its falling and honestly I panic at times as well I do the opposite and end up buying while everyone else is selling. So far so good idk if that will always hold true however.
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Bitcoin was a little unstable with its huge runup to $20000 and now it's just consolidating and everyone is selling because of the FUD. It could possibly break support level and go down to as low as $8000-$7500. Nice post
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thanks for this @bitcoinflood
What i sense here is that. The government and social medias are not happy with the way Cryptos and blockchain is changing the world due to their selfish interest. But i believe that we are in the crypto world and ethereum is finding its way to the top already. The news about bitcoin shouldn't discourage people from investing in it. I see a drastic push up very soon.
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Just hodl folks it's all we can. The Cryptocurrency gods will see us good again soon enough.
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In Life... There are always ups and downs
Crypto currencies are sure gonna bounce back...
Can I get an amen?
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Ya you said it right! I pray that those bitcoins bounce back to their price..
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The world better get ready for the greatest shock! Crypto currencies are simply taking over!
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Yes I think so. This post is very useful. crypto falling alarmingly. Thanks for your recommendations. @bitcoinflood
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You got a 14.54% upvote from @minnowvotes courtesy of @bitcoinflood!
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tnx for SDB
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I do not know what is on our forehead in the future, it is very difficult to say, thank you so much for sharing the very important news
@bitcoinflood
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Very good @bitcoinflood
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@bitcoinflood Thank you for shering this post???
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Exactly what I was looking for!
Upvoted, resteemed and following!
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