Crypto Season: $300 billion chopped from the crypto market cap in 24 hours. What now?
“Every once in a while, I’d have to take a beating. But by then, I didn’t care. The way I saw it, everybody takes a beating sometime.”
-Henry Hill from GoodFellas
Bitcoin dropped, Ethereum dropped, longs were liquidated, margins were called. I woke up this morning, pulled up CoinGecko, and wanted to throw my phone. I put it down, turned over, and went back to sleep. No point in counting my paper losses while I was still tired.
No videos on YouTube yet telling me to buy the dip. I guess all the influencers wanted to wait until the dust settled before releasing their clickbait. I pulled up CoinGecko again and the results were even worse. My portfolio dropped more, but it appeared that Bitcoin had stabilized.
The kids were home from school so at least I had something to occupy my time and energy instead of looking at the wreckage in my portfolio. I don’t think that they had a clue that daddy lost at least one year of their college tuition.
What now? I pulled up my accounts as I always try to buy my Bitcoin, Ethereum, and Chainlink at the same time every day. “I’m buying more for my money today than yesterday,” I thought, attempting to make the best of a bad situation. “Oh! And Solana is still holding strong. It’s such a shame that I messed up the seed word on that wallet.” I tried the seed words again for the 2,554th time. They still didn’t work. Ugghh.
Then I opened my Medium. But the articles telling me how to be a better writer, more effective writer, more profitable writer really weren’t resonating with me today. “Damn your algorithm! Feed me something different. Can’t you see I’m experiencing an existential crisis!”
In reality, being in the crypto markets is akin to being in the UFC. You are going to get your ass kicked. It’s gonna be ugly, and you're going to get battle scars. Sometimes you will be so hyped and confident that you don’t see that flying knee that lays you out wondering what the hell happened in bewilderment. “I thought I was a 6 to 1 favorite?”
I went back onto YouTube. I listened as the soothsayers allayed my despair, confirming that Bitcoin was still above key moving averages, reminding me that El Salvador is…