Hey everyone!
Been reading a lot of posts about "omg we are doomed" and "omg I should have sold/sell now", etc. As someone who's been around crypto for a long time and witnessed all these swings I can assure you that this will just be a short-term drop and that most of the coins should resume to going back up again soon. Here is a post I wrote on the 17th July when Bitcoin and all other currencies saw a similar drop which also coincidentally happened during a weekend.
I don't really have too much else to add to that since it remains true time after time again.
Here is when I posted my post about not panicking during the last big decline in price. This is what the chart looked like.
That dump happened at a pretty inconvenient time also, just that weekend I was off to a highschool reunion where blockchain became a big conversation and showing them the charts of coins made them even more skeptic to it. :P
Should you have sold at the top to buy back more now? Sure, that would've been nice. Hindsight is 20/20 though and who knows how deep the dump would have gone. If you didn't sell and aren't eagerly awaiting to press that buy button to get back into your favorite cryptocurrencies, I know a lot of regret may be filling you up right now.
I personally didn't get to trade most of my Steem for tether either but that's cause Steem is one of my favorite coins and I don't dare being parted from it for too long. :)
I did buy a little Steem at a cheap price from some of the profits the other coins had made me so it wasn't all in vain watching the Steem price drop.
I've also managed to increase my holdings in the other currencies I'm actively trading with recently, although I haven't bought back 100% of them yet. If you want to know more about which ones they are, check out my Alt-News posts. The recent one has an overview of all of them so it makes it easier for you to check them out and I would highly recommend to get in on some of them on days like these where most markets are bleeding.
This is what bitcoin is looking like right now, down from $5000.
I don't think it might drop a lot more over the weekend, maybe to a max of $4200 but I doubt it will get that low.
Since most coins are also following it, this is what Steem is looking like right now and I highly doubt it will go under $1.
Try and keep an eye on it and find a good time to re-enter if you are actively trading. If you didn't get to sell before it dropped another good way to increase your holding would be to power it up, post and curate while waiting for the next increase in price. ;)
Stay safe out there and remember that these swings are common in this volatile market. :)
Have a great weekend everyone!