This "Crypto Winter" Will End - Here's How I Know... and How You Can Profit on It
There's no denying that we've slipped into a crypto winter - a period of depressed prices marked by bouts of heavy selling - but that doesn't mean crypto is "dead" or that investors should panic.
It's been a rough tumble from last November's highs. Bitcoin is down more than 70% (74% its most recent low); Ethereum is down about 78%. Other top cryptos like Cardano, Solana, and Polkadot are all down at least 85%.
And the pain has gone beyond plunging prices.
The collapse of the TerraLuna ecosystem in May caused $68 billion of losses. The ripple effects from that debacle soon snared crypto lender Celsius, which had a lot of exposure to TerraLuna. Celsius froze withdrawals for its 1.7 million customers - trapping some $8 billion worth of deposits.
Finally, the sharp drop in prices has forced several overextended crypto exchanges to lay off employees. Coinbase cut 1,100 people (18% of its workforce), Gemini cut 1,000 (10% of its workforce), Crypto.com cut 260 (5% of its workforce), and BlockFi cut 170 people (20% of its workforce).
But don't let all this get to you. Don't panic sell your crypto - you only lock in losses that way. Stay patient. Believe me, the market will eventually bounce back.
Those of you who've been following me a while already know the evidence for this claim: crypto adoption is surging, and there's been a huge, coordinated effort by Wall Street and the fintech sector to incorporate blockchain tech into their business models.
But that's the "how" of it. Today, I want to talk about the "why" of it - specifically, why "crypto winter" is necessary to get where we need to be, and what good things happen during slumps like the one we're in now.
Bottom line, you'll be much better off if you "HODL" and dollar-cost average in on select cryptos through winters like this. Here's the deal...