LUNA collapsed. It sucked. Many people lost a lot of money. But it’s over, and It’s time to reflect and take away some learned lessons.
If you haven’t spent a lot of time in crypto, I recommend coming up with a list of rules to follow.
It’s best to stay systematic because crypto WILL make you emotional about specific projects. Creating RULES and sticking to them helps mitigate emotional mistakes.
It’s not about becoming a robot. It’s about becoming a better trader. So it’s ok to take chances and have some fun but measure your risk/reward when you do.
Bitcoin (BTC) held up relatively well yesterday despite the LUNA madness. The major support band between 29-30k weathered the storm after BTC fell to a low of 26,700K. The current levels will play a significant role in whether the crypto markets will continue to march downwards or begin to post a turn-a-round. A lot of action and volume are occurring at these levels. BTC closed the US session at US$29,006, down -0.25%.
Source: Trading View
The ETH/BTC pair chart that many ETH fans were hanging their hats on in the past week has slightly broken down and looks to test the upward trendline. I’m guessing the USDT short-lived depeg likely had something to do with the slight sell-off in Ethereum (EHT). With rumors of an Ethereum merge coming somewhere in the second half of the year, this chart will be a fun one to keep an eye on.
Source: Trading View
|US markets close||Gain|
|Protocol (Coin)||Price ($)||Gain (%)|
|Bitcoin Fear and Greed Index||10 Extreme Fear|
|“Crypto” Google Trends 90D||78 (-12)|
|“Bitcoin” Google Trends||82 (+1)|
🤦 Really? The US Senate confirmed Jerome Powell to a second term as Fed Reserve Chair in an overwhelming 80-19 vote. Jerome Powell’s fantastic track record of controlling inflation must have had something to do with it.
Behind Lightning. Former president of PayPal and later head of Meta’s crypto operations reveals startup plans of a company named Lightspark that will utilize Lightning to build backend infrastructure for companies to use the network. Backers include a16z, Paradigm, Coatur, and Matrix Partners.
Binance stops down, LUNA. Binance ceases LUNA trading and will remove many of the trading pairs on the exchange. LUNA can still be trading in LUNA/UST and LUNA/BUSD.
CAKE 2.0. The largest exchange on Binance Smart Chain, PancakeSwap, proposes CAKE 2.0, an update on the tokenomics of its CAKE token to include a max supply cap of 750m. PancakeSwap constantly has one of the highest user engagements for Decentralized Exchanges in crypto.
|Project||Type||Mint price||Date of mint||Time|
|Laws of Adrenaline Zlatan Ibra||Sports||Drop||12 May||6:30 PM EST|
|ATEM Car Club||Game||2,384 $ASTO||14 May||5:00 PM EST|
You know what?
Despite all the madness in the past few days, crypto is still here and still strong.
Sometimes, if you need to walk away for a few days, that’s ok. Stop looking at your portfolio every five minutes, and remember to invest with a 5-10 year window in mind. Malicious events have occurred in the past, and they will continue to happen in the future. So protect yourself, protect your funds and have some fun. But remember, this is a marathon, not a sprint.
PS This message is as much for me as it is for you.