As much as I try to remain free of skepticism I wasn't surprised at all by Bitcoin's current fluctuations, at one point 40% BELOW its all-time high of nearly $20,000!!
You see, Wall Street is in the business of MAKING MONEY and the best way they ca$h in especially for cryptocurrencies, is through U.S. Futures and Commodities Trading to speculate using shorting - essentially make money when the price drops
(They actually 'teach' how to do that) and when the price rises- by buying low selling high.
Its a vicious cycle...
The bright side.. Now be the time to buy more! I use the Law of Averages in this case, to "converge" all my costs for buying a given cryptocurrency, to it's lowest possible average over a specified period of time.
Say I bought 1 Bitcoin back at the beginning of the year for $1,000 then 3 months later I bought another one at $5,000 and one more 3 months later when they were each selling for a cool $10,000. My average costs for all three coins are ($16,000/3=$5,333.33) and will continue to drop as long as I keep buying the same coins AND the value of a single crypto coin steadily increases over time.
There are caveats to this, as is the case with any application of statistics. But overall if you keep buying when the price drops eventually your acquisition costs will decrease in comparison to the equity you have accumulated.
So Keep Buying!!! Don't Waiver, or Falter!!
HODL!!!!
Good advice, here. People tend to forget that they haven't actually lost any money until they sell those BTC at a loss. Unfortunately an awful lot of people did just that today. Huge transfer of wealth to the wealthy in the last 12 hours.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
And those cycles will persist, as the market readjusts to the surging demand. You are right, there will always be those whose initial reactions is to bail. If Bitcoin is to hit the $100,000 mark (or even $50K) there will be two or three more spikes and drops. Every time it drops under $15k is the best time to buy more, as they are doing as we speak..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @sonofthesoil! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPDownvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit