The Return of the Bitcoin Blues...

It's been another rough day out there in the world of finance. Last week I put together my original post about the Bitcoin blues, and sadly the price of Bitcoin was at $72,000. What I didn't know is was just warming up the roller coaster ride and those drops are getting pretty steep. Earlier today Bitcoin was cruising along at $68,000, which I know we all have already accepted as the new norm, but then all of the markets went into freefall... The Dow Jones plummeted, silver and gold dropped, and cryptocurrency is not one to be left behind as it's tied to so many ETF's...

Fortunately, the damage so far has been only around 4%, down to $65,000. But as we all know once things start to get a little wild in crypto, really wild can be just around the corner. I'm hoping there isn't another shoe waiting to drop.

Here's a look at the chart over the last day from coingecko.com:

Analysts are all split on the direction that BTC might be going next. I see some adamantly preaching it's only going up, and others pushing doom and gloom. I've given up predicting, because I'm only right half of the time. And that isn't usually from skill, it's pure luck!

One bright spot today has been Hive. As opposed the a drastic drop it has admirably held it head above water and is even up 0.3%. I had feared a massive drop to to $0.065, but so far we have avoided that painful ride... Here's Hive over the last 24 hours from coingecko.com:

I'm hoping tomorrow will bring a better day, I would like to be able to write about something better than the Bitcoin blues. Maybe BTC explodes to $200,000? But that may be for another year...

Precious Metals

I'm sure by now all of you know I'm a big fan of precious metals. It's an investing habit I learned young as my father taught me the value of silver and gold. I've held by his teaching throughout my life and haven't wavered, and over the years it has paid off nicely. Plus, it's a great way to enjoy your investing by picking and choosing what to include in your personal stack.

However, today when the markets dropped so did silver and gold. First let's look at the silver chart over the last 24 hours:

Kitco.com

That's a pretty significant drop at 9%. Ever since the rally up past $120 silver has been very volatile and huge moves happen in both directions. Silver is still in short supply and companies are scrambling to buy up silver for their production needs. Just remember that if it weren't for silver those smart phones and computers wouldn't work. And the same is true for all modern electronics, so silver will likely stay in these higher ranges for the foreseeable future.

Gold also took a hit today, but only 3%. Gold is more stable and tends to have less price drops and climbs. It has been the store of wealth for humans since before the dawn of time, and will continue to be so long after we're all gone. Here's the gold chart over the last 24 hours:

Kitco.com

That cliff is pretty pronounced in most charts today. Luckily it seems to have a firm floor at $4,900 per Troy ounce so far for gold. I still think it's a great place to invest as it will always have value. Even it all our crypto were to crash to zero along with all the fiat, gold will still be money along with silver!

Let's hope that Friday brings a better day for Bitcoin, Hive, gold and silver. It would be nice to end the week on a high note! Let's all cross our fingers!

Please feel free to leave any comments or questions below, an as always thank you so much for all of your support. It really is deeply appreciated! Have a great day everyone!

References:

https://www.coingecko.com/en/coins/bitcoin

https://www.coingecko.com/en/coins/hive

https://www.kitco.com/charts/gold

https://www.kitco.com/charts/silver

Disclaimer

I am not a financial planner and this isn't financial advice. Please always do your own research before investing your money. You worked hard enough to earn it!

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