Hi everyone. For anyone new to this channel, my name is Nick. Welcome to NFT Daily. For those of you who are new to this channel, there are two shows each day. The first show will appear every morning. That will be exclusively on cryptos and the evening show will just be on NFTs.
As you know by now the cryptocurrency market is down thanks to Bitcoin and retail investors panicking. I have been in this space for a long time now and this price action is normal. Big institutions are buying. They like the price moments. It is a tradeable market.
Now can this market fall even more, yes it can. I still remain pretty bullish in this market, and I am still trying to dollar cost average into strong cryptocurrency projects. I am in this market for the long run. So this morning Ethereum Classic, Cardano, and Decentraland fell by a lot so I added more to my position. Ethereum Classic was at $45.00. Even though Elon Musk bashed Proof of Work projects, I could not resist buying this asset. ADA fell to as low as $1.15 and Decentraland fell to under $0.50. Some people are waiting to buy more cryptos when this market stabilizes, but I am not going to wait that long. Yes, the market can fall some more but that is the risk here. I have a small budget $5.00 a day. So instead of spending that money on a cup of coffee, I use that each week to purchase cryptos on opportunities such as this today.
Though I am buying, I do not recommend any of you guys to buy at this time. It is just too risky. But there are still so many opportunities left in this market where you can get cryptos for free by just staking whatever cryptos you have left. For example, if you go to Pancakeswap.com, you can stake your Doge to earn CAKE. And the APR is just 45%.
Sources
Pal, R. P. (2021, April). Raoul Pal’s Introduction to the Exponential Age. Real Vision Finance. https://www.youtube.com/channel/UCBH5VZE_Y4F3CMcPIzPEB5A
McKeown, L. H.-M. (2021, May). Cryptos climb as Goldman says it’s new asset class and Ray Dalio reveals bitcoin investment. Yahoo Finance. https://uk.finance.yahoo.com/news/bitcoin-ethereum-dogecoin-price-24-may-weekend-selloff-elon-musk-tesla-china-074656447.html
Nick is a content creator for Sobuka with a background in programming, information technology, finance, and digital forensics.
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Disclaimer
The information on this blog is not financial advice. Before you invest in cryptocurrencies, please speak to a financial advisor.