Bitcoin and all of the Altcoins are way down in the Global Marketplace. As of this post, the Global Markey Cap sits at $221.5 Billion! Yes, we are definitely still in a bear market! Big time!
Bitcoin is down from about $8200 a week ago to $6324. The other altcoins typically follow the Bitcoin trend and they are down as well. The second most popular cryptocurrency – Ethereum – is way down also and sits at $357.
So what has accounted for this steep drop in the marketplace and how should you – a seasoned investor – react to it?
Today – August 8, 2018 – the Securities Exchange Commission (SEC) was scheduled to make a ruling that would allow the Chicago Board Options Exchange (CBOE) to offer shares of a Bitcoin exchange electronically-traded-fund (ETF).
If approved, these shares would be issued by VanEck Solid Bitcoin Trust.
Well, the SEC delayed that decision. This has caused a loss of confidence among many investors and they are selling their holdings.
Bitcoin and the other altcoins could do the opposite direction as quickly. When? No one knows. If SEC, at some future point in time, approves the CBOE ETF, then there will surely be a surge in the price of Bitcoin and many of the other altcoins.
What To Do?
While I am not giving financial advice. What we have here is basic cryptocurrency 101.
You always buy when the price of cryptos are low and you sell – if that is what you want to do – when the price is high.
View the “current state” of the Global Marketplace as a “cryptocurrency sale!”
If you want to build a long-term cryptocurrency portfolio, now is the time to do it while everything is down (cheap buys).
I am buying and adding on to all of the altcoins in my portfolio. I am also buying more Bitcoin.
This is about long-term investing, not get-rich-quick.