“Investing in cryptocurrencies is not for the faint of heart, investors must at this asset class as a serious long-term investment.”– Paul Ebeling
Last wk, cryptocurrencies were buffeted by factors ranging from Tweets by Elon Musk to governmental controls in China. The price of bitcoin, the world’s biggest cryptocurrency, fell as much as 30% before Fibo retracing. It is down about 40% from its highs of the year.
Leveraged positions in bitcoin and ether futures fell sharply last wk. This indicates that some retail traders probably have exited their bets.
But other retail investors have been happy to ride the volatility out and/or trade around it making good bank.
As retail investors crowded into cryptocurrencies, bitcoin surged around 345% in the last yr, ether soared 1,219% and dogecoin skyrocketed 15,480%, according to Coinbase data.
Crypto-exchange Coinbase (NASDAQ:COIN) said its more than 56-M users accounted for $335-B in trading volume in Q-1: $120-B retail and $215-B institutional. That compares to $30-B in total a year earlier, of which $12-B was retail, the company said.
Some retail investors have embraced the price swings in hopes of catching some of the next big rally.
Users on Reddit’s popular WallStreetBets forum have popularized the term “diamond hands” as shorthand for their willingness to hold an asset through thick and thin.
But the real “diamond hands” have been seen on GBITS as the Crypto keeps marching forward day after day and many expect it to fly once the Crypto market recovers.
But 1 Crypto does not mind the volatility, in fact, it was built for it.
GBITS is a Crypto with a difference “Not Just a Token This is a Reinvention of Capital Markets” GBITS is like a Central Bank of an Ecosystem Fees all Cryptos = redistributed to all existing holders New Cryptos = Auto-Distribution of 5% of Total Tokens, the volatility underpins the valuation.
GBITS is also in the early stages of integrating with an exchange that brings together DeFi, traditional Prop Trading as well as listing and Blockchain services.
Have a healthy weekend, Keep the Faith!