Just another Sunday in the crypto world. As crypto never sleeps, trading is 24/7/365 days a year. It is well known in the crypto circles that shopping day is Sunday as prices tend to take a dip. As we saw prices of all cryptocurrencies reach all-time-highs over the past few weeks, it is expected to have some pull back which is healthy for the market.
The fall in price went all the way down to around $51K (or $71K in Australian dollars) or around 15% discount which I have not seen for some time. Hell, I only got notified because of an alert I set a long time ago for if the price drops to $71K so I couldn't even believe my eyes when I saw it. But the price also bounced back quickly stabilising at around $55K (or A$74K).
My current crypto strategy has been to DCA into Bitcoin on a monthly basis as my salary is paid out monthly. However, I do have a small stash of free cash that I have lying around just in case there is major volatility throughout the month when I'm waiting to get paid. Transferring to Binance takes about 5 minutes to clear (using PayID) but there were some issues with setting a limit order (server encountered some errors). For heavy traders, this might be devastating. But I intend to hodl so missing out a couple of minutes is not a big deal.
So whenever someone new is looking to get into crypto but just couldn't get through the price psychological barrier, just remember the below.
So this time I'm making an argument for holding fiat cash, so you can buy in when eventually crypto goes on discount. Happy Sunday!
Until then, keep stacking!