The last few days have been brutal in the cyptocurrency sphere, and I mean REALLY brutal. Frankly, it hasn’t been much fun since December 2017, when we all watched our fast gained profits from the crazy bull run the months before, evaporate into nothing. And if you only got in during that bull run, you’ll almost certainly be sitting on losses and watching them get bigger.
At the time of writing (5.30pm GMT, 12 June 2018), the total market value is now $264,000,000 (source:coinmarketcap.com), a drop of over $30bn, or over 10% in just the last few hours. And that’s on top of a brutal drop just yesterday. In fact, the market has lost an incredible $594bn in just six months since the highs we recorded, that’s a pretty scary 67%! What does it all mean and what should we do now?
The first thing to understand is that these things happen. Simple as that. It’s the markets, stupid (to steal – and totally butcher – a well known phrase). There are hundreds of reasons why this happens, and none of them are in your direct control.