Friday 2 July 2021

Crypto Pause

The crypto world has been rocked by much negative news especially from government regulators such as China PBOC banning transactions involving anything related to crypto. For a month, prices have swung from drop of 50% only to recover by 20%. The technical support levels were obliterated with little resistance and I hope it has at last found a comfort level to settle.

Prior to this hoohah, I had put some money into Matic and Aave after seeing drops of 10%. But it proved to be a wrong move as they have since sunk further. Luckily the amount I put was $650 and something I can afford to lose. Therein lies the age old advice of investing only with money that you won't lose sleep over. My intention was to trade it and not keep as long term so I guess I have to keep them for a while more.

As I continue to read with earnest on where crypto lies in the minds of regulators, there are more users coming out to support this technology, the biggest example being El Salvador who has accepted Bitcoin to be legal tender. In this regard, Singapore is more forward looking and helping to create a more inclusive system that I hope will be rolled out soon.

It's still a tug of war in crypto acceptance (Binance was banned in UK and Japan) and issues of hack or missing coins continue to persist. Therefore, I will take a step back, leave my current portfolio alone and focus on improving stock picks or other investments.

Tip: Sidamo Mountain Coffee, very fragrant, floral and non acidic

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