Attribution to CryptosRUs is essential as we, the CoinSpeech team, bring you the most significant insights from his recent video. Find the CryptosRUs’s new video below.
Bitcoin’s Sudden Dip: Unfounded Panic or Real Concern?
CryptosRUs tackles the recent selloff that dragged Bitcoin below $60,000, settling around $60,300. Despite extensive investigations, there’s “no specific reason why it went down today other than FUD,” primarily revolving around the impending Bitcoin and Bitcoin Cash distribution from Mount Gox.
Mount Gox Distribution: Fear and Speculation
CryptosRUs brings to light that Mount Gox will start distributing $9 billion worth of Bitcoin and Bitcoin Cash next month. Speculation is rife among traders and investors, causing panic selling. According to CryptosRUs, “$9 billion worth of Bitcoin and Bitcoin Cash, 140,000 Bitcoin worth, will be going to creditors starting next month.” However, it’s crucial to understand that the distributions will be in cryptocurrency forms, not cash.
Lessons from Past Dips
Interestingly, CryptosRUs notes that in the last three instances of significant dumps due to Mount Gox-related fears, Bitcoin managed to “form a bottom and headed higher.” This historical viewpoint brings some optimism to the current gloomy situation.
Importance of Patience and Not Falling for FUD
He emphasizes the quintessential investment strategy: patience. “When it comes to investing,” he says, “you just have to have patience.” Dips and FUD (Fear, Uncertainty, and Doubt) are part and parcel of the cryptocurrency world. Despite today’s drop, he reassures that it’s far from catastrophic and Bitcoin will recover.
The Role of ETFs and Institutional Investors
CryptosRUs believes that even if all 140,000 Bitcoin were dumped simultaneously, the market would recover. He cites the robust interest from ETFs and institutional investors like Michael Saylor and BlackRock’s Larry Fink as a stabilizing force. “ETFs soaked up so much within such a short amount of time,” he mentions, emphasizing their significant role in absorbing market shocks.
A Day in the Life
On a lighter note, he shares a glimpse of his life in LA, streaming from a trailer equipped with air conditioning, a bathroom, and other amenities while on the set of Killer Whales. He ends on a positive note encouraging viewers to “stay strong, stay focused, like I said, don’t let the fud get to you.”