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TOPIC: Cryptocurrencies prices are being absolutely demol

Cryptocurrencies prices are being absolutely demol 1 month 7 hours ago #338

  • mssiargao
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Hey Traders!

Cryptocurrencies prices are being absolutely demolished at the moment!

It had already been a bumpy few days in the crypto world with Elon Musk tweeting about the environmental impacts of $BTC whilst simultaneously announcing that $TSLA (Tesla Motors, Inc.) would no longer accept BTC payments.

However, today it has emerged that China is blocking the use of cryptocurrencies for payments within the country. Unsurprisingly, this is a massive dent in the potential growth of the market. Maybe other governments will follow suit as well.

How has this affected the portfolio?

Negatively, in short. $ETHEREUM and $ADA represent a relatively small percentage of the portfolio, but they have had a sizeable impact on the P/L today with current losses of 33% and 35% respectively (at the time of writing).

Thankfully, I reduced the portfolio's exposure to cryptocurrencies on Thursday by closing the $BTC position, otherwise these losses would be even more significant.

Where does it go from here?

It is very difficult to know. My prediction is that it will bottom out (about now) and then bounce back quite a bit, but these losses may be more sustained. Either way, expect volatility.

As always, I am keen to hear your thoughts and questions. Where will BTC, ETH, ADA, $DOGE and others go from here?

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