A few years ago, I couldn't have been bothered about what is going on in the digital currency space. But not today, when I have started learning to earn crypto by becoming active on the web3 space, and also doing bits of crypto trades (call them swaps if you like 🤣).
So, talking about those days, terms like $BTC, $ETH, $XRP sounded like things from another world. Not until I decided to learn more, and actually created a crypto wallet on coinbase in 2020, did I begin to see what it feels like to actually own some amounts of crypto.
Of course, it had always been said that venturing into investments in crypto involves a lot of risk as the market tends to be very unstable with prices of crypto assets fluctuating every passing moment.
And of course, there had been talks of Bull runs in the past during which the lucky crypto assets owners made a lot of profit, and also bearish seasons where so many people encountered a lot of losses.
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But the truth is that no bearish season of the past prepared anyone for what is going on presently in the crypto space. It is absolutely insane, and a lot of people are affected by the crash and dip of every single crypto currency on the blockchain (well, I don't know of any that is not affected).
Also, by mid 2023, people were expecting some crypto currencies to experience some flash crash of some sorts, but I am sure that many of the traders who set some buy orders and sell orders in anticipation of the crash didn't know things will get to this level.
Now, this question was asked by @kenechukwu97 in this Thinker's Corner August prompt👇👇
Here's the question... While the Crypto market is bleeding;
Are you learning any tough lesson by watching the market bleed?
What are you doing to stay sane?
A tough lesson that I am learning, or rather relearning as I watch the red everywhere in the crypto market is to always remember that it is safer to invest only as much as I know I can afford to lose if things don't go as expected. I used the word relearning because that was what the first mentor I ever had in regards to crypto sounded and resounded into my ears over and over again even though I wasn't even financially ready at that time.
Another lesson I have learnt is that whatever you do, try to invest a little in some stable coins. I have observed that no matter how bearish and crazy the market is the price of the stable coins still revolves close to the dollar. This will indeed be an advantage for those who want to make the most of the bearish season to acquire assets they have had their eyes on, in the hope that there will be a turnaround soon.
In fact, coming home to our very own Hive blockchain, those that have HBD stashed somewhere could take advantage of the current market situation and increase their $HIVE tokens or other assets they desire. However, please take note that this is not a financial advice, hehehe 😅.
One other very important thing I learnt is the importance of listening to and trusting my gut. Two weeks ago, I received some $DOGE worth about 23USD on arrival. About two hours later, I saw that the value went slightly above 25USD, and I was tempted to leave it for a while to see how much more it will increase. However, on second thoughts, I decided to use about 15USD and get some HIVE to transfer to my HIVE wallet. Several hours later, the remaining 10USD worth of DOGE had dropped to 7USD, and it pained me because even if I chose to withdraw it to fiat, I already lost part of it.
For now, I am not investing any fiat to get any crypto assets. I am just focusing as much as I can on my blogging activities on the Hive blockchain, powering up as much as I can from my payouts. At the same time though, I am watching and waiting to see when the tide turns. Hopefully, things shouldn't get worse than they are right now.
Thank you for reading my post. The images used are free-to-use images from pixabay.com. Feel free to share your thoughts in the comments below, and I will get back to you.
Thank you once again.