Before You Panic Sell Your Crypto, Read This!
Let me share a story from Lady of Crypto, a renowned crypto educator and analyst, about perseverance during tough market times.
Back in 2019, while still in university and juggling multiple jobs, she saved up around £4.5k ($5.5k)—her entire savings. Desperate to escape her exhausting work life, she invested it all in crypto, adding more each week from her modest earnings. She was optimistic, especially after Bitcoin's rally from its 2018 bottom, convinced it would soon hit $20k, then $30k, and eventually $40k. However, the market took a different turn, gradually declining from her entry points. She watched her savings dwindle daily.
On a particularly tough day, the market plunged, and in a panic, she sold everything at a significant loss. Most of her holdings, primarily altcoins, had dropped 70%-90%. It was a harrowing experience she hoped never to repeat—but she did. In 2020, she re-entered the crypto market, only to face another harsh downturn and panic sell once again. Frustrated and disheartened, she quit crypto for a while. However, her determination eventually led her back. In 2021, she made a fresh start.
The key lesson she learned through these experiences was that fear is a weakness. She realized that retraces are part of the market cycle and that letting fear dictate decisions cost her dearly. Lady of Crypto's journey is a powerful reminder not to let fear drive your choices in the crypto market. Stay the course, learn from mistakes, and remember that setbacks are part of the journey.
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