Crypto Market Musings
Bitcoin is trading around $27,000 as of this writing and is down about 6.5% over the past seven days. Ethereum is trading around $1,800 and is down about 4.5% over the identical time period. Welcome to crypto allergy season. Some weeks shall be good. Some weeks shall be sneeze central. And a few weeks will make your eyes water. This felt more like a sneezy week.
Bitcoin (down 5% over the past five days) is beginning to decouple from the Nasdaq (up 2% over the past five days). We’ll see if it holds. But when the 2 aren’t moving in tandem, it represents a change from the past several months.
Two of the larger market makers in crypto (firms that help provide liquidity to the space) are scaling back their operations, in line with Bloomberg. This could lead on to increased volatility within the space.
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What Vin Is Considering About
I began understanding again this week. After two years of inactivity resulting from quite a lot of injuries — including a badly broken ankle — it’s time to get back in shape.
I attempted a CrossFit class on Monday. I boxed yesterday. And I’m in some serious pain. Advil is my best friend immediately.
I used to box five times per week along with running three to 5 miles a day. So I do know I can do it. I just must fight through the pain and get back within the groove.
Investing may be like that at times too. Sometimes you forget to examine your portfolio. Otherwise you’re too scared. Or you’re feeling such as you don’t have the time.
But it’s worthwhile to fight through that. Now could be time to do some spring cleansing and rejuvenate your investing mojo. So in the event you haven’t checked your portfolios — stocks, crypto, real estate, etc. — in a bit, take a while this weekend to take a look at them. Do away with positions which are holding your portfolio down. Add some positions that excite you. And get your investing mojo back. (And in the event you want help sprucing up your startup portfolio or your crypto portfolio, try signing up for First Stage Investor. We recommend highly vetted startups and cryptos every month.)
And Finally…
Bittrex, which was a preferred crypto exchange for just a few years, has filed for bankruptcy. In response to Reuters, Bittrex still has custody of a few of its customers’ crypto:
Bittrex said that it was still holding crypto assets of U.S. customers who didn’t withdraw funds before April 30. Those assets are “secure and secure” and Bittrex said it intended to ask the bankruptcy court for a limited re-opening of customer accounts in order that the crypto could possibly be distributed back to customers.
We’re at all times dissatisfied when a crypto exchange folds. But that is what happens when a preferred sector grows with little or no regulatory oversight. Until Congress acts or the SEC is forced to take crypto seriously, more things like this may proceed to occur.
