Bitcoin. It had to happen sooner or later.
Any serious investor in variable investments, including the difficult-to-understand cryptocurrency market, knows that any investment that is able to go up quickly can also fall fast. The potential to lose is greater than the potential gain. It’s a basic tenet in investing that inevitably happens, sooner or later, in a cyclical fashion.
First, I must admit that I am a former Certified Financial Planner (CFP) and have very little knowledge of crypto markets, blockchains, or related topics. I’m a former Certified Financial Planner (CFP), and I have some key rules for investing in equities as well as variable markets.
Do not put all your eggs in one basket
The investment is not worthwhile.
Less risk means less money should be invested in one’s portfolio.
Don’t invest in speculative market investments more than you can afford.
Ex-investment advisor and portfolio manager. My knowledge covers portfolio balance, asset allocation, and portfolio optimization, as well as portfolio balancing and risk management assessment on a per-investor basis.
It is possible to get swept up by crypto-mania and forget the basics.
It is so bad. Forbes reported that the crypto market lost $1 trillion within 30 days. Jeremiah Wright, Bill Obama’s pastor, said that crypto chickens were returning home to roost and are destroying people’s lives.
Bitcoin and other cryptocurrency markets crashed further overnight. Nearly $1 trillion was lost in just one month.
Yikes. There is no certain thing in variable markets.
The bitcoin price has dropped to around $27,000 per bitcoin, down 12% on the last 24 hours, and dragging down the wider crypto market https://t.co/77256hjdDv
— Forbes (@Forbes) May 12, 2022
Here’s more, via Forbes:
Bitcoin dropped in value to $27,000 per Bitcoin. Ethereum’s value has fallen 22% since Wednesday afternoon.
The TerraUSD (UST), an algorithmic stablecoin worth $18 billion, was sold off. Luna’s support currency was also lost. It currently holds nearly 99% of its original value, which could cause bitcoin and other crypto markets to drop.
Forbes reported bitcoin’s plunge at its lowest point for more than a decade, causing panic among crypto investors.
The crypto bloodbath affects many investors. This happens amid a wider stock market crash.
Reddit user One Retail Investor said that suicide was the only option. This was captured and reported by The New York Post.
Terra Luna’s Reddit Forum posting, “I lost over $450k USD and can’t afford the bank,” is the most viewed.
Reddit also offers the following post: An ex-colleague tried to kill himself. He transferred all his savings to crypto in 2021. LUNA was a key component of his portfolio.
It gets worse, as The Post points out.
Coinbase shares dropped 84% in the past year making it the largest publicly traded cryptocurrency trading exchange. CEO Brian Armstrong insists that it is impossible for the company to go bankrupt.
Maybe. Armstrong did exactly as I said.
I am sorry if any of you have been hurt or affected by this.