It seems like the crypto market is taking a bit of a breather. At the time of writing this post, Bitcoin is up almost 16%, and Ethereum is up a bit over 30%. I’m not here to ingeminate the current market conditions. If you are currently invested in the crypto market or have been waiting to pull the trigger to buy in, you have definitely noticed the almost 50% drop in Bitcoin along with the entire crypto market – I mean, it’s not hard to miss. What was the catalyst? Is Bitcoin being manipulated? Everyone has their preconceived notions on what is happening right now, from the experts who have skin in the game to my Lyft driver asking me if I’ve heard of XRP (Ripple). Some are factual, and some… not so factual.
Today we’ll look at
· The Pullback
· Passive Income
· Lessons Learned
The Pullback
I’m not sure if you’ve seen this circulating around Twitter and other social media platforms but take a look.
I’m no conspiracy theorist, nor am I saying that this is in any way accurate, but the article below was posted a day and a half before this anonymous article.
In my humble opinion, this Reuters article is one of the main drivers of the decline in the markets and put the cherry on top of the FUD cake. Like I’ve always said, do your own research on these topics. To me, the timing of this couldn’t be more spot on.
Passive Income
Some investors are selling at the top and buying back in at the bottom and booking the profits – an excellent idea while everything is trading sideways (In my opinion). Usually, we see investors liquidate their holdings into fiat currency so they can cash out their profits. Instead, we are seeing investors move out of Bitcoin and into stable coins. See below.
Some projects allow you to earn interest by staking your crypto. Cryptocurrencies such as Celsius will enable you to stake your stable coins and crypto and even let you borrow fiat currency against your crypto. I like Celsius because there is no lockup period; you are free to stake for as long or as little as you want without any contractual agreement. To read more on Celsius and yearly APY’s, click here. There are many ways to earn passive income, but why not “make money while you sleep” by leaving your crypto dormant and earning money.
Lessons Learned
One of the things that I’ve learned in the crypto space is that it is essential to have your own convictions, so you are not easily influenced by outside noise. Secondly, always have some spare cash on the side for times like these – when everything is on sale. Lastly, we are still incredibly early. Bitcoin and the entire crypto market are still very, very, very volatile, so you have to play your cards accordingly.
I’ve got some new projects that I’m digging into. Next week we’ll look at another exciting way to earn passive income with miners and MORE. To all my Canadian Subscribers, I hope you enjoyed the holiday and had a great long weekend. I wish you all a great week.
Until next time,
Stay Curious
-Zo
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