Singapore, SINGAPORE – Another day in paradise. Everyone is once again jolted today by another sell-off that gnawed off another chunk from the major cryptocurrencies in the top 10. Only Bitcoin SV is sustaining something resembling a pleasurable pump watching that lawsuit against the threesome of Bitmain, Roger Ver, and Kraken in an unlocked room that a paternal unit can walk in on any time.
Bitcoin (BTC) is hovering below US$3,500 at press time and Ethereum (ETH) is at US$87. And EOS will set you back a buck and change and let’s just not mention Litecoin (LTC). There’s no silver lining here to BTC’s once golden goose. Stateside the SEC has just delayed another decision on BTC ETFs. February couldn’t come soon enough because on a larger scale there is also a sell-off in the stock market.
The NASDAQ, Dow Jones and S&P 500 looking like death row inmates starring at the crypto guy and asking if that’s his last meal. Many pundits claim that here’s where the opportunity lies. But who are those with the resources during a fire sale? Institutional buy-in is just a cry for help before many go weak in the knees.
What scares a HODL-er? What petrifies a trader? That refusal to cut losses could lead to annihilation. Pain is weakness leaving the body. If you believe that US Marine recruiting ads. But what about fear? Seeing a digital asset portfolio dwindling in FIAT value is scary. But more so, it’s the uncertainty that leads to sleepless nights. Will it rebound? Is there going to be another torpedo that’s hitting the submarine before it can resurface?
Has ETH been officially relegated to a double-digit crap coin. Last year’s plummet only occurred closer to Christmas. This year, the story is lowered expectations being further disappointed with repeated trips to the gallows. Even ConsenSys is letting people go. It’s indicative of the simple notion that everyone wants to hold crypto for the upside but every project, company, and upstart capitalising on the scene generates most of their expenses that will eventually have to be paid with cold hard FIAT.
Cash is king and that’s what most employees will want to see in their bank accounts at the end of the month and creditors who don’t like accounts receivables sitting on their balance sheet longer than usual. And given the leaps and bounds that the entire ecosystem (yes, it’s a word that’s been browbeaten to death) has taken. It would seem natural that someone has got to pay for it. In, wait for it, not crypto, but something more substantial.
Most but only the most rent-seeking are ignoring bounty programs, contests, and token giveaways. It also doesn’t matter if you’re a retail trader, an institutional lurker or a sophisticated OTC haggler.
Marketing tools used by most projects have proven to be largely ineffective on prices in the greater scheme of things. And no one is buying any rumour but a lot of selling sure is happening. Regardless if there’s any news, good or bad. Holding on to something that is depreciating in value at such alarming rates are not for the faint-hearted.
Many exchanges are also in a bind. Forget about daily trading volume across all actively-traded token pairs, a user-friendly interface and low trading fees. There’s just not much liquid matter in barren wells. Many are willing to even take on security tokens with the onus placed on the exchange to sell because ICOs are no longer trendy. Traders just want to get out, fearing that withdrawals might go the way of Venezuela’s cash crisis. Soothsayers proclaim that everyone will reap the benefits when mainstream adoption and true use cases become apparent soon.
Okay. When? Market manipulation is conducted by the powerful. Whales are often blamed for this. But they are not the most intelligent mammals in the room. Neither are the dolphins that are being slaughtered for making all kinds of erroneous price predictions. But rather it’s that slimy octopus and other cephalopods like it that have a disdain for boredom and close to perfect information at their disposal to borrow chump change from the whales for opportunistic land grabs. The rest of the guppies just want mercy killing that’s prolonged only by euphoric gumption.
So, moving forward. History is not repeating itself. It’s just Gwyneth Paltrow being called a freak for doing yoga. It’s a great workout and helps get one more in tune with the body. It should also improve the overall posture of those hideous CMC charts. Flexibility too. Daily meditation is advised as we wait it out. Eventually, she will have to roll up her exercise mat.