The January Crypto Crunch

Well ouch is all I can say at the moment when someone talks to me about crypto currency.

I got into XRP at around 75c and through January it has dropped to 82c after an all time high of $3.20 over Christmas.

TRX is in a similar position, I got at 3c and now it is 4c.

I’ve not lost anything, and the expectation is that the market will return to new highs in the next few months, but this doesn’t look good from the BBC!

Digital currency Bitcoin has fallen 30% this week, leaving it on track for its worst week since April 2013.

In Friday it dipped below $7,910 on the Luxembourg-based Bitstamp exchange, a fall of 12% from the day before.

But although it is far short of the $19,000 it reached in November 2017, it is still way above the $1,000 level at which it started trading last year.

The fall comes amid a number of recent incidents that appear to have shaken faith in cryptocurrencies.

The whole market is very volatile, month on month it seems to be heaven and hell all at once.

I’m looking at it all now thinking when would I like to sell?

I don’t see the point in breaking even, or selling at a loss, so I think I’m staying in until it either hits 0 or goes back up.

If it ever reverses, where do I hit sell? I genuinely don’t know at this point.

Overall the industry that has been built on the back of all this has been hit by a lot of meddling from various governments.

There seems to be analysts on both sides ready to pour scorn and say its all over, or say that they expect it all to go nuts and rise even further this year.

Its odd on both sides, since the speculation is pretty irrelevant and the currency could go either way.

If I am honest, right now I wish I’d sold at $3+ and ‘got out’ but at that point it was all new and like everyone else I had no way of knowing it would drop back this far.

It is an interesting thought now though that if things do bounce like so many places are expecting it to, then will I sell at $3 or just leave it alone again?

I told my wife I’d probably sell at Easter time. That’s early April this year, which I didn’t know when I said it but that seems reasonable.

Lets hope at that point it is at 3 or above and the time is right. Anything below $1 and I don’t think I’ll bother.

Have you taken a big hit on this lately?

Are you investing more whilst prices are lower? Many people are subscribing to that point of view…

I feel like it has too much backing to go completely broke.

But then I don’t know enough about this to really ‘bet the house’ on anything – hence I’m playing with chump change.

What are your thoughts?

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