The Crypto Crash and burn of the past week or so has been a real wake-up call for anyone with a vested interest in crypto. FUD, driven by threats from China, Elon Musk, and U.S. regulatory concerns, all came together to crash the market.
Just a week and a half ago, crypto markets were riding a high wave as the total crypto market cap hit $2.5 trillion for the first time. But FUD event after FUD event witnessed things take a low dive for the worst.
The local bottom hit on Sunday after the market bounced at $1.3 trillion, making a staggering 48% loss in value across the board. While some tokens fared better than others, with Polygon and Maker showing signs of fight, the losses of the last five days have taken their toll.
The crypto markets across geographies saw fear, anger, and panic dominant proceedings. This has only been amplified even more by the crypto-haters loving this crash.
Binance CEO Changpeng Zhao (CZ) retweeted a message he posted in February when markets were going up to remind us that critical common-sense rules apply equally during a downturn.
With that, what can be done to cope with dwindling portfolio valuations for those still holding the line?
Mindfulness is a type of meditation that involves being intensely aware of what is being sensed and felt in the moment, without interpretation or judgment. This involves breathing methods, guided imagery, and other practices to relax the body and mind.
IOHK/Cardano Founder and Ethereum Co-Founder boss Charles Hoskinson promotes mindfulness and resilience as a strategy to handle the stresses of the past week.
Hoskinson reasons that investors have no control over macro events, which have ramped up in recent times to cool the market.
“What’s really hard is when you have a collective event. You see the crypto markets are the crypto markets, and the macro right now on the U.S side is that regulation is coming. And on the China side, there’s a crackdown. Both of these have put a needle into the balloon of the market, and now things don’t look so hot.”
Much like what CZ referred to, Hoskinson said overextending oneself is a recipe for disaster. But he points out, no matter what is said about this, people, in general, don’t listen.
“No matter how much you warn people and how much you talk about this stuff and how much you say, “hey, be mindful and respectful that stuff that goes up goes down,” people don’t listen. They never will because they think the minute they get rich that all the problems go away.”
In getting to where he is now, he chronicles difficult and uncertain times. But what got him through the ups and downs was mindfulness, which he recommends incorporating into our daily routine.
Patience is pivotal when you deal with such losses as it would help avoid panic selling. Although it only natural to panic if your hard earned money is lost on something you figured would get you profit. Remember, there is a risk in every kind of investment venture and medium.
There are two different choices you have at this juncture. One of the two is trading the cryptocurrency with any specific low worth cryptocurrency, then hold it and sell when it values upward. For example, you invested around $60k in Bitcoin, now its worth about $38k, what you can do is trade it with any cryptocurrency of low worth such as Ethereum, Dogecoins or Ripple (XRP) for that matter. These coins are comparatively valued low but are performing well as per the statistics. After buying them, hold it till it’s the right moment to sell. At least wait till you recover your investment.
The second approach is to just let it sit for a while and do NOTHING. Just forget that you own the cryptocurrency, and hold it for a longer time with no impulse of selling or trading it. After a while, when the market’s turned around, cash-it-in for profit.
If you are bad at trading, you should set up an auto-sell order on any exchange platform with a dimension of break-even or little profit. You can use automated bots which can create your portfolio and execute trades to maximize your profits while reducing losses. Hence guaranteed recovery with Botsfolio
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