We wake up to another day of 10-20% red in the market. I become more resistant to the psychological effects of these crashes every time they hit me. These markets are going to end up creating many battle-hardened traders.
As with any crash, the community will be looking for a reason: https://www.ccn.com/breaking-mt-gox-case-moved-to-civil-rehabilitation-creditors-may-be-paid-in-crypto/
Yes, there has been more Mt. Gox nonsense. Even though this development implies that more Mt. Gox coins will not be sold until Feb 2019 at the earliest, I guess the market still wishes to respond immediately.
As Bitcoin retests its heavy support at $6000, many other coins have fallen through their support lines, leaving traders to question how much lower they will go. For example, Litecoin appeared to have support at $110 and currently sits at $85. Could this be a false breakout "despair phase" or will Litecoin and friends continue to plummet to a previous support?
Seeing as all blockchains seem quite intimately connected I would have to conclude that Bitcoin would have to breakout below $6000 for these coins to fall any farther. I might attempt buying this dip, although no one's going to be surprised if more red hits in the future.
I'd like to point out that Binance Coin (BNB) is still laughing in the face of all this red. It hasn't even come close to hitting it's positive support line yet. It's basically still right in the middle of the support and resistance lines. BNB remains the most consistently performing coin I've ever seen. Go team Binance.
Meanwhile, Steem is as low as it's ever been since early December. Again, I'd like to buy more but it's super annoying that it takes a week for funds to clear my bank account into Coinbase. By the time I get that money the market has already corrected like 10% a lot of the time. Oh well, can't win them all.
Business as usual.
Don't let the red get you down. All of the development and interest in the space is spiking up, regardless of the price action. Ethereum will eventually make the switch to proof of stake. EOS needs time to get on its feet. SMTs are supposed to release soon™. The Lightning Network continues to be implemented across multiple chains. Etc. Etc. Etc. Who knows what Q3 2018 will bring for crypto.
Return from Yet Another Ninja Crypto Crash to edicted's Web3 Blog
