It’s been one of those weeks to forget for crypto traders. I’ve been talking with many veteran traders in the past few days, and hardly any of them are in profits this week.
Reason? Well, Bitcoin plunged 10% and is now trading below the $61k area. This “pulled” altcoins down too.
Ethereum, despite ETH ETFs starting to trade, plunged below the $2.9k area. And of course, many altcoins such as Solana or Dogecoin are down in double-digits as well.
The stock market is also down, and crypto and stocks usually go toe to toe. Fed liquidity falls for another week, providing no support for equities and digital assets, as reported by Holger Zschaepitz.
Fed liquidity falls for another week, offering no support for stocks and crypto. pic.twitter.com/9T7teC23TR
— Holger Zschaepitz (@Schuldensuehner) August 1, 2024
So, the best possible advice for crypto lovers and traders at this moment is – wait.
Chill out somewhere and forget about trading for a few days, until we see what’s going on with the market.
Your portfolio is in red? Well, it all depends on how much you believe in that particular altcoin.
I’ll take Alephium (ALPH) as an example. Even though this altcoin is down 17% this week, this is a long-term hold for me considering the huge fundamentals and utility behind this project.
In other words, if you are holding an altcoin for short to mid-term, then it’s probably better to sell to ETH or USDT and wait to see what’s going on with the market.
Until then, stay safe and wait for better days. With US elections coming in 3 months and pro-crypto candidate Trump a favorite to win, and Bitcoin cycles telling us that 6 months after halvings is a difficult period, we might need to buckle up for better days until the end of 2024.
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