I, like probably many on here, have a small amount of money invested in a number of different cryptocurrencies. Bitcoin, Ether, Litecoin, etc, etc.. Unfortunately, like some, i came in a bit late in the bubble, when it was already fairly high (although not as high as it got, thankfully).
The whole investing in Crypto's is new to me, but i understand there's highs and lows, ups and downs..
However, this past few weeks, I've been watching my investment wither away. I'm already down roughly 50% on my investment because of the crash, and I know its only going to get worse before it gets better. I'm thinking of pulling some of my money out until it hits rock bottom and then re-investing it. Although at the same time, i think the time for that has passed too.
Here's my thoughts on the matter.
I'm here for the long haul. I know its going to get better again. But watching it all happen is really hard. I know that this is all because of the bitcoin fork on 1st August, but it still doesn't make it any easier.
What I am considering doing as a short term measure while the market continues on the downward slope, is moving my coins from a couple of the majors back to fiat and a couple of more stable currencies (such as Steem and EOS which while both of these have suffered, they appear to have suffered less than the others). Then once it reaches rock bottom around 1st August, I'll reinvest.
As I said, i know this is just a normal dip because of the fork, but to minimise my losses and maximise my investment once it starts shooting up again, I feel this is the best course of action.
Keen to hear other people's mitigation strategies.