The crypto sell-off
For those of you who follow me on IG/twitter..... yall knew this was coming.
This was a rough month for Cryptos and the big sell off is finally here. Everyone has a different conspiracy as to why this is happening but its really just a sum of a bunch of different things. Lets run through those things real quick....
The Colonial Pipeline hack caused a sudden gas shortage in the southern states causing a sudden spike to its highest prices in years. Unfortunately, the hackers requested to be paid $90 million in Cryptocurrency and the gas company had no choice but to pay the ransom. A terrible press run for this new technology.
Elon vs cryptocurrency Elon musk decided to turn against the currency after spending the entire year talking it up(and down and up again). He had a billion dollar credit on the line with the EPA(environmental protection agency) that he could NOT risk losing. Although 70% of bitcoin is mined with renewable energy... getting some old grey haired politician to understand that would be nearly impossible.
China.. always doing what China does... felt the need to reiterate that they will not let any institutions use cryptocurrency as a means of financial payments. This was a hard blow to to cryptos as its value is based heavily on the number of users.
What to do now?
Keep doing your research. The cryto space will start to move away from memecoins and hyped up BS to the coins that have to stand on their technology. The coins that have real-world use will win in the end.
It'll be interesting to see how cryptos bounce back into the end of the year.