The recent weeks have been hard on everyone somehow involved in the cryptoverse. Some swearing on diamond hands but are also looking with fear on their browsers in the mornings, hoping the upwards trend continues. There have been some of these mornings lately, waking up with green candles expectations. Charts and fundamentals reconnected again, the sentiment of hope slowly began to strengthen the confidence in the own main portfolio, we are on track.
Today was not much different. Waking up slowly, a fresh brewed coffee in my hands I opened the laptop to have a quick look into the portfolio. All red. Suddenly a deep anger rushed through me which I couldn't shake off. I myself proclaim the hodl-life; a calming superstition that the macro view on the cryptoverse is the right one, that crypto is here to stay and strong enough to survive any microFUD news which can create a cascading bearish pressure on the market supported by liquidation and whale manipulation hedging the situation along the FUD news. I have had some bad words for FUD tweets as well as for the reaction of influencers jumping from bull to bear to bull to the next extreme sentiment. I kind of contained my macro view and kept on being not too emotional., drinking my morning coffee in calmness, even if candles were deep red.
This morning was the first time I did not DYOR on the probable reasons for the recent downturn after BTC did not pass 40k, I just jumped into these emotions and cursed on the world, opened the first crypto news outlet and jumped on the headlines, Elon Musk tweet. Though I should know better about the complexity of the markets influencing the ups/downs I have to admit that starting point of many downward spirals is a FUD news which can be leveraged by stakeholders of the bearish instruments/ interests. Without further ado I heard me saying "Why Elon, why? I really liked my green candles over the last 7days." This time, I do not DYOR, I just shut down my computer with the feeling the bitcoin price seems to be hanging on Musk’s every tweet. He clearly enjoys toying with the crypto markets. Does Elon break up with Bitcoin or does he tweet something very positive within the next days? We should not care. Elon Musk clearly lost his positive effect on the market, he not only lost lot of respect earned by fighting establishment on battery-powered automobiles and self-engineered space vehicles, he lost many supporters in the mid class of society due to his ping pong game. The recent red candle wasn't so red as the last, that might be because many weak or over-leveraged hands already flushed out but my hope is on another root cause. I hope the cryptoverse is emancipating itself away from this narcissistic behavior and finds back on track. Back to fundamentals and the hope of long-term growth through innovation and investment, new efficient ways of encryption techniques, bridges into the FIAT world. I hope to wake up and Elon is tweeting bad news and no one cares. I believe the crypto community has taken this path already.
Let us drink our morning coffee in peace, Elon, we are breaking up with you.
