I grilled steaks today and got tenderloin for me and our daughter as we like less fatty meat cuts and a porterhouse steak for my wife. We had those with some of the last potatoes that we picked last summer. I peeled them and my wife made them into wonderful mashed potatoes.
The weekend was not as wonderful for crypto market as it was for us. I said a few days ago that we might drop into mid seventy thousands, but I did not expect it to happen this quick!
And this came on top of Silver being down thirty five percent in just one day on Friday! Gold was down about ten percent and altcoins are sitting at unbelievable prices. SOL is under one hundred and Etherium at twenty two hundred.
This looks like a massive risk of trade with the only risk asset still not de-risked being the stock market. I wonder if we see some serious profit taking there as well this week.
So what is the reason for all of this? The news would have you believe that it might be related to the new Federal Reserve chairman pick by Trump. I don't think it is that, I think someone knows something else that is coming like a major war in Iran or something else.
It could also be simply that everything because too speculative and traders who used to trade crypto currency have moved into Silver and Gold. I saw today that a major crypto YouTuber Elio Trades has started talking about trading metals: Silver, Gold and Copper.
If this is not a sign that crypto is out of favor and metals are the new hot assets, then I don't know what is... In times like this it is good to start slowly buying your favorite coins.
My favorite coins are: Bitcoin, Etherium and Solana. Kevin Oleary recently said that all you need is Bitcoin and Etherium, he is kind of dismissive of Solana. He said that he sold all of his Altcoins last fall and is now two thirds in Bitcoin and one third in Etherium.
My portfolio is really heavy in Etherium and has some Bitcoin and Solana. I have decided to start building up my Bitcoin and Solana positions. Bitcoin is obviously a good buy for the long term and Solana is a bet on some financial services applications to be built on the faster blockchain.
I also like these coins because they are the only ones with a good number of ETFs. The four crypto currencies with good ETF exposure are: Bitcoin, Etherium, Solana and XRP. XRP still has some regulatory issues so I am not sold on it yet.
At these prices most of the ETF investors are at break even or at a loss, so I think that this is a great time to buy. None of this is financial advice, I am just sharing my thoughts and what I am doing.
Given the general terrible sentiment in crypto markets it is not surprising that Hive is under eight cents right now:
The filling of the gap down in October that I have talked about ever since we had it is looking almost certain.
What is surprising is how much Splinterlands SPS token has recently outperformed Bitcoin. I know that is related to the new Mini-set Escalation presale, but it is still quite surprising.
Perhaps this is a good sign for the SPS token, we could get finally noticed as a premium crypto gaming project. Whatever happens I will keep accumulating SPS, Hive and my favorite crypto currencies. I think this will be similar to me buying Silver at around $20 in 2022...
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