Strange Day in the Crypto World and a Successful Trade

scared, fear, schreckStrange day for the crypto world

Strange day, this week we saw the crypto market jump like a roller coaster with only one news. As you may know, the boring and ongoing fight on the bitcoin scaling debate is a battle of control, money, and power.

I stopped following the debate because it's the status quo and nothing seem to advance. This debate is ongoing for almost two years, and developers have put many solutions on the table.

Recently, we saw a group of stakeholders in the bitcoin ecosystem proposing and supporting Segwit2x. Those companies control over 80% of the hashing power. The alpha release for this solutions is out today.

Bitmain, who provides mining equipment, sent an email in response to the solution of Segwit2x. As you need to be aware, miners are blocking the scaling solutions for a long time. This cause frustration for bitcoin users who are facing higher fees and slow transaction validation when sending a value through the network.

I invite you to read this post:

https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/

This blog post makes the market nervous in regard to the uncertainty of bitcoin, and the market reacts to it.

What a stressful day!

In the morning, I checked my Blockfolio app and saw,  my cryptocurrencies and assets in the red. I was intrigued about the cause of it, one action can cause a reaction on the opposite side.

Personally, I feel stressed inside when I see all my crypto assets going down. However, I  know that in the crypto world, the market is resilient to an event of this manner. Two days after, the market rebounded, but not at as high as I want in my blockfolio app.

The opportunity

Before the drop, I had the intention to sell a portion of my Lunyr tokens. I created an account to sell 100 Lunyr on Bittrex, first time I used this trading exchange. It is very user-friendly and easy to use. When you see the price drop, that creates a good timeframe to buy. It is always good to have spare cash to cease those opportunities.

When you see the price drop, that creates a good timeframe to buy. It is always good to have spare cash to cease those opportunities.

The trade I did

The original plan was to buy some tokens of the cryptocurrency NEM, I read that this crypto has a huge potential to grow. I sold those 100 Lunyr tokens on Bittrex at around at a good price.

My idea change when I saw the price of Ethereum dropped suddenly around 290$ USD. I decided to buy more position into this cryptocurrency, I made a wise choice and I don’t regret my move.

Conclusion

When an event happens, the market reacts and the price can go to the green or to the red. Don’t panic and sell on the fear of losing all the money you have earned.

Sometimes, the best is to take a deep breath and relax to find the better solution. In my case, a made a profit and got more Ether in my crypto portfolio.

Do you plan to take advantage of the next event on the crypto market?

Ledger Wallet protects your bitcoins
Ledger Wallet protects your bitcoins
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