We can't just escape the market speculations, another year is upon us and it seems the news is flying in from lots of angles. Investors are trying to force a bullish market by all means possible. I keep complaining we are losing focus of what blockchain technology birthed cryptocurrency for. The innovative part of this technology has truly been undermined by both seasoned investors and crypto enthusiasts.
Everyone seems to be pursuing the market FOMO, is 2024 the set year for all to turn millionaires? Just asking because it seems few are ready to look at investment from the right drawing board. Market speculations and predictions are currently being pursued like airdrop .This is creating early distractions in the crypto space. We are seeing assets being pulled from one project to invest in another for short term gains assumed by market sentiments. I see a lot of investors possibly running market loss if they do not get themselves in shape. Financial discipline is key if one wants to make the best of every investment.
Bitcoin Spot ETF FOMO
We all saw it happen, when the biggest asset manager Balckrock was charging the lead. Although the whole process started last year, its possibilities surfaced very tense few days into the new year. I personally saw that market disorderliness to be caused by short term gains. Bitcoin seemed to be the center of investment within that few days. A possible bitcoin spot ETF approval was one, the other was the predictions that accompanied when the approval went through. 100K, 200K and a possible 500K bitcoin price soon drove a lot of investors crazy.
People will always benefit from every market situation as long as it is made of this inevitable two sets of investors; 'the bull and the bear' or should I say buyers and sellers. Those who opt in early made some gains or should I say a lot of gains for those who trusted the system from as of October of last year. We saw bitcoin price crash from a new year all time high of $48,900 dollars to below $40,000 as of the time of this writing. The surprising part is that this market decline happened immediately after the ETF started trading on the 11th of January.
The unexpected investor dump seems to surprise the masses till date with the possible question of how far can the market dip go? Already I am seeing investors displaced of investing fire power very early when talking of loss just a few days in the new year. Could some people's investment dreams for the new year be off track already? One of the pains of investing is having to watch your asset grow back to your entry stage, you are left to exercise patience under a loss. Short term gains come at the cost of investment delays. A lot have to watch with cross fingers that there is a bounce back before April.
Soon Coming bitcoin halving
This happens to be the fourth halving that will see a further 50% slash in the mining rate. The after record of bitcoins halving within 150 to 365 days has always been favorable to investors. Could this be a sure opportunity to jump into the bitcoin ship. This is the market, a place where past result do not give any future assurance. Pursuing these early hypes can be a trap without proper financial intelligence. How long can you bear the bear assuming bitcoin stays low for a couple of months.
I am really focusing on middle class investors who are always in for short term gains. Hypes are real, the market needs it to exchange wealth. Pulling money from smaller projects to feed the bitcoin market may bite back at your investment portfolio if you lack that financial power to buy the dip and also exercise the needed market patience. There is nothing wrong in trying to make some bucks in the market but we need not to lose focus that the whole cryptoverse can live above market price if only we could value the little projects and the innovations that center it.
X payment FOMOhttps://files.peakd.com/file/peakd-hive/daniasi/23tcJGSZ4Z1brjn56nSWU989hRXYApEggouE1u9UrfbAdMpgPQUbS54rCXZ71c1sT3fF3.png
Screenshot from my X account
Yesterday I read an article about what really triggered the dogecoin market rise, nothing too fascinating about it, just another market hype. X(formerly twitter) just created an account called X payment and there has been lots of speculation backing a possible cryptocurrency adoption. As of the time of this writing, Xpayments account on X is being followed by over 121K users wanting to know the latest thing in the mind of Elon Musk. Bitcoin and Ripple have been mentioned as one of the possible payments.
We all know Elon holds bitcoin in his asset portfolio and has always shown lots of interest in the cryptoverse. Others suggest Ripples because it is more of a banking system centered crypto. Nevertheless, the top investor's mind has been dogecoin siding to the fact that we all know Elon is a dogecoin enthusiast. This market sentiment keeps dogecoin at the peak of crypto adoption choice for X payment. They market hyped by over 13% but couldn't hold its resistance for long.
I see investors not really certain of how and where to invest and it's happening so early all credit to early market hype. I wrote an article recently pointing to what keeps crypto enthusiasts in the ecosystemsecosystems what do we value in blockchain tech, innovations or market price, your comments are all welcomed.
To conclude, let me say that investors and crypto enthusiasts are losing focus very early into the year 2024. Early loss of funds due to short term gains by hypes will deter lots of investment portfolios. There is a need to return to our drawing board with focused minds on how to capitalize on the innovative part of cryptocurrencies this year rather than fix our hopes on FOMOs. Financial intelligence cannot be ascertained by chasing all the speculations that come your way. If it is only a short term trade you are up to this year, better get your financial firepower ready. The hypes are out and are out early, you may run out of it if you are not disciplined.
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