First of all, it’s kind of ironic that Anonymous’ YouTube channel is blue tick verified.
Having said that, I thought I’d talk about the video I’ve just watched because quite frankly it gives me the fcuking chills. If I were Do Kwon, I’d be fcuking scared.
In short, Anonymous shared a video on their YouTube and said that the authorities are investigating but “so are we”.
The video is the stuff of Hollywood, it kinda looks like the premise to a thriller coming soon to theaters near you.
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Things are messed up and messy in the crypto space at the minute, and whales are doing what they always do: damage. But for once, it isn’t unilateral.
For the first time since, well pretty much ever, whales are beginning to show signs that they might be considering offloading some of their holdings as over 50,000 bitcoins have been transferred to various exchange platforms from cold and hot wallets.
On top of that, you’ve got giant investment firms like Cypherpunk Holdings that are trying to paper their losses by selling stuff.
The company has sold around 205 ETH for $227,000 and 214 BTC $4.7 million.
I’m assuming that they did it because they bought these ETH and these BTC back when they were worth like 2 cents. In fact, they did say that they turned a profit from the sales. But it still doesn’t make much sense.
Actually, it does. Which makes it worse. I never sold my BTC or my ETH when they were worth $69k and $4.8k respectively so I would only sell now if I absolutely had to. Which fortunately I don’t but it seems that some of these giants do.
I bought some ETH yesterday. I bought some BTC this morning. I may be a beer tomorrow.
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Things aren’t looking great, are they? Celsius is going down, Luna has already gone down, Coinbase is firing people. Ethereum briefly went below $1,000.
When all is said and done, we shouldn’t forget that everything we see here, everything, started with Bitcoin. It kick-started the universe we’re in. A trillion-dollar (well, not right now) market created from scratch. But as with every other technological (r)evolution, the tide is changing all the time.
This is an important historical moment for crypto, because a lot of failed or soon-to-be defunct projects will die. A lot of trashy projects will end up in the trash can and when the dust clears, the market will re-emerge stronger because the weaker links will have been eliminated.
The goal is to put bitcoin, and crypto in general, in the hands of as many people as possible. We want to disrupt (gah, I hate this word) the financial sector and bend regulators and legacy players around crypto but this can’t be done unless we get rid of the scams and the scammers. And times like this are exactly for that.
These painful transitions also help people get an idea of what they want to do going forward. Are you a tourist or, using a terrible expression that’s so ‘in’ these days’, an incumbent?
It’s about making money but it can’t be just about that otherwise what’s the point? We might as well go back to the ATM.
We just need to keep two things in mind: 1, it happened before and 2, it always takes time.
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I had a conversation with a friend earlier today. She said I gotta stop bit**ing about stuff and start tackling things a bit more aggressively. I’ve been lacking drive in recent times and the recent (massive) crypto drop didn’t help.
But as the Oasis (as in, the British band) used to sing: “it’s probably all in the mind”, and I say that because this is by no means the worst crypto crisis I’ve experienced first-hand, not even close. Because I was there in March 2020 and, more to the point, I was there in 2017-2018.
I think – and hope – that we’ll never see another 2018 again, when BTC went from nearly $20,000 to less than $4,000 in a matter of weeks. And it’s funny ’cause I remember how I felt back then and for reasons that I can’t understand, it didn’t feel as calamitous as this is feeling right now.
And yet. I am (a little bit) more financially stable that I was back then. I have (a little bit) more crypto than I had back then. And I’m doing more with it (staking, mostly) than I used to back then. I still get daily notifications about interests from Nexo,Binance and Wirex and all the other platforms daily. Sure, it’s not enough to throw my laptop in the Danube and stop working but still…
So what changed?
The truth is I can’t explain it. Because that’s what we are. We do things. Things happen to us. And we react. And sometimes our reaction doesn’t make any sense. Not even to ourselves.
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The massive sellout continues as bad news keeps piling up. Bad news on top of bad news. After the Terra Luna disaster we woke up to the news that Celsius, a crypto exchange, is halting withdrawals and transactions due to ‘extreme market conditions’.
It sounds 2008-esque, doesn’t it?
The market is bearish. Duh. It’s capitulating. Falling faster than Scuderia Ferrari’s title-winning chances and plenty of exchanges and projects will fall with a loud bang. Everyone’s a genius in a bull run and that’s why what happened during 2021 doesn’t really matter now. It’s what’s gonna happen next that matters.
It is going to be very difficult for Celsius to get back up because the trust is gone. Same with Terra Luna.
We’ve been here before, of course. Many times. Each time it feels like the end of the world but it never is. But it still sucks. And we’re still looking around for someone / somebody to blame.
The answer is: random circumstances. The war isn’t helping. China’s idiotic no-covid policy and Biden’s administration’s foolish spending aren’t helping either.
I’m not happy at the moment. I bet most of you aren’t either.
But there’s nothing I can do. I guess I can keep buying. The problem is I’m running out of money. Dammit.
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I use an app that pays crypto whenever I make correct predictions [every 3 hours] about BTC and ETH, which means that eight times a day – every day, I check the price of both.
Generally speaking, the whole market follows Bitcoin so when it goes down, the rest goes down and vice versa.
Having said that, I’ve noticed a change since late 2021/early 2022 – back when ETH couldn’t stay under $4,000 (good times).
ETH and BTC still fall and rise together but the former now falls harder, while the latter takes less time to bounce back.
Last night, they both capitulated with a loud bang but even now, when you look at the charts, Bitcoin feels and looks like it’s trying to get back above $26,000 as quickly as possible whereas ETH feels and looks like it wouldn’t mind falling below $1,300.
It is impossible to determine why so your guess is as good as mine but I’ll wager this is because recent trouble (Terra Luna and the Celsius drama) taught us that we can’t achieve decentralisation unless it is built in the system.
In other words, there’s a face or a name behind every crypto project except Bitcoin, which is probably as close as we’ve gotten – so far, at least – to through decentralisation.
Still, it’d be nice if they both stopped falling, dammit.
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According to Glassnode, a blockchain analyst, there are now 851,921 Bitcoin addresses holding at least 1 Bitcoin, a new all-time high. They say this is “despite a $27k retest” but that sounds wrong. It isn’t ‘despite‘ the retest, it is because of it.
At the time of writing, as the Glassnode points out, if you hold 1 BTC and 1 ETH, you’ve got access to around $28,000-$29,000, whereas just a few months ago, back in November 2021, ownership of 1 BTC and 1 ETH would’ve meant having access to around $75,000.
With a budget of $2,000, you can now buy 1 ETH plus change. Whereas back in November-December 2021, you’d have gotten about ETH 0.50.
Everyone wants to beat the market but very few people can and part of the reason is the market is psychologically difficult to follow. We tend to buy when the price is going up, and we get scared and sell when the market goes down. That’s bad, of course, but it is also understandable.
These days I feel like hiding under my bed and crying but I know the market will rebound, eventually, and that’s why I keep buying. And crying. Pah.
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Every time I open a new tab on my Brave browser I’m reminded of how sh*tty the situation in the market really is. When I started using Brave, right around December 2021, my first payout was about 1.50 BAT, which at some point was worth $2. Now I’ve got over 17 BAT, worth 6 dollars.
Bitcoin is hanging by a thread. Ethereum’s thread has snapped and it is now freefalling. Altcoins are doing even worse.
This, of course, is nothing but another phase of the market cycle. Anybody who’s been around crypto longer than a year has seen this before. If you’ve been around for a few years, then you’ve already seen about a million times.
Peak FOMO, peak price. Peak fear, and the price starts falling and you never know when, or where, or how, it’s going to end.
It sucks but there’s nothing we can do.
Well, there is something we can do. Here’s what I’m doing:
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This morning I woke up to a duo of bad news: 1, the crypto market crashed again, and further, with bitcoin slipping to $38k and reaching a 5-month low, and then 2, my soon-to-be former editor reached out to let me know that my paycheck is due any day now. Why is that bad news? Because I’m a content creator by trade and for the last five years, 90% of my income was generated writing for a platform that’s due to shut down at the end of month, which means the next paycheck I receive from them will also be the last.
So that was a real ‘oh s*it’ moment followed by another ‘oh s*it’ moment, and that got me thinking, what am I gonna do today to feel better and what have I done when a similar scenario happened in the past?
1. Do a ‘Jack Reacher’
This is gonna sound weird but it’s always helped me tremendously. Jack Reacher, for those who don’t know, is a fictional figure created by Lee Child for a series of novel that spawned two films and an upcoming TV show on Prime Video. Reacher is a retired U.S. Army officer who lives freely and simply. He doesn’t own anything, walks everywhere when he can and consumes enormous amounts of coffee. So that’s what I did. I woke up, had a long shower, shaved, went for a long walk on my way to nowhere, and then I had a cup of coffee.
In my view, this is essential because whenever the market crashes, some (including myself) tend to give in to this frenzical need to do something about it, which is fine except oftentimes, this could lead to painful and pointless sell-offs. And that’s the last thing you wanna do.
2. Zoom out
I’m looking at it now: BTC is down over the last 3 months but still up since last year. In January 2021, BTC bottomed out at around $30,000, then it rallied to $63,000 in April 2021, before bottoming out again in July and reaching its all ATH in November. It just goes to show that ‘time in the market, beats timing the market’.
Some people are in this to make a quick buck but personally, I’m in it for the long run and I treat BTC as my retirement plan 20 or 30 years from now and zooming out, when looking at the chart, helps me focus (and remember) that BTC is cyclical, so even though every single crash and dip somehow feels like the end of the world, it isn’t.
3. Don’t look at a yearly highs, look at the yearly lows
Since its inception, BTC’s yearly low has always been set higher year-on-year, with one exception in 2015. It was $0.06 in 2010, $0.29 in 2011, $4 in 2012, $13 in 2013, $306 in 2014, $190 in 2015, $360 in 2016, $775 in 2017, $3.2k in 2018, $3.4k in 2019, $4.1k in 2020 and $28.260 in 2021. What’s gonna happen in 2022? So far bitcoin has tried to recover and get back above $44k, and failed every single time, but when it dipped, it always stayed above $40,000 with two exceptions, including one this morning.
It’s still way too early to say and no one knows what’s gonna happen, but even though there’s no guarantee that BTC will reach a new ATH in 2022 or 2023, it looks likely that it won’t go back to its previous lows. We just gotta be patient.
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Last night, I was having a beer at a friend’s house when my whatsapp went ‘DING’ and a friend of mine who recently got into crypto asked, “why is crypto crashing, and should I get into NFTs?” – I told him we need to talk on the phone to talk about NFTs because it’s complex, but this is what I said in relation to the crash.
I told him 1, we’ve been overbuying and crypto has gone parabolic in 2021, so a correction was inevitable and then 2, Kazakhstan is on fire, literally. It is the second-largest country in the world when it comes to mining; 3, we tend to think of BTC as a hedge against inflation, and it is, but the truth is it usually follows the same patterns and trends as tech stocks and finally 4, sell-offs bring more sell-offs, people who got in late panic and sell. And ‘whales’ keep buying – if you look at the historical chart, every few years, people who bought and thought they’d be millionaires within a year panic-sell and whales and large holders buy like mad. Hundreds of millions.
I added that we’re likely looking at a few more weeks, or possibly months, of pain, and that BTC will eventually $1m, it’s inevitable, but probably not before 10-12 years.
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