Crypto portfolio update

Invested in: Ethereum (ETH), Avalanche (AVAX)

Net return: 7.3%

Comments: It's been a busy week in the crypto markets due to a sudden and sizeable dip across the board on Wednesday. Within 2 hours, bitcoin dipped -20% while most other cryptos suffered larger losses.

As I was actively monitoring the markets, I managed to avoid the brunt of the crash by closing a portion of my holdings early on. Word on the street is that this was a coordinated move by crypto whales to flush out leveraged traders.

In any case, this is a good reminder that (1) the crypto markets can be manipulated in the short run, (2) leverage in crypto is a bad idea, and (3) the best way to invest for the long term is to dollar-cost-average into pullbacks (as per The Vault Method).

Admin update

• I've put up a number of new YouTube videos on my channel (especially during and after the mini crash), so check it out and subscribe if you haven't already.
• If you missed the last newsletter, you can get it here.

₿ Crypto news

• Standard Chartered predicts BTC to hit $100,000 by early 2022, and ETH to eventually reach as high as $35,000. 
  • No prizes for guessing who's invested in both.
    
• The SEC is threatening to sue Coinbase over their crypto lending program, and Coinbase looks prepared to fight back.
  • The outcome of this battle will have far reaching consequences for the industry so this is something to pay attention to.
• Art NFTs are booming, with almost $2 billion in sales reported in August off the Opensea website alone.
  • From the article: "When people hear these statistics they might think that I'm completely crazy... I look back at them and I say, you're holding a currency that's printed daily, to me you're crazy."

 Quote of the week

In order to succeed at something - you have to lose a lot. You've gotta invest in loss. That's where all the beautiful lessons are.

- George Mack

Something amazing

This is a picture of astronaut Bruce McCandless II as he floats untethered away from the safety of the space shuttle, with nothing but his Manned Maneuvering Unit keeping him alive; The first person in history to do this.

Thanks for reading, and have a great weekend.

Cheers,
Slowmad

P.S. If you have any questions or feedback, let me know at: chris[at]digitalslowmad[dot]com