Oct 13 • General discussion
Crypto wipeout -75% for altcoins
On Friday, Trump talked about potential 100% tariffs on China starting November 1
The crypto market crashed significantly.
This is not an accident.
While Bitcoin only drops 10%, we noticed a lot of smaller meme coins dropped 60-80%
Basically, the altcoin market got wiped out
Any trader who used any form of leverage in crypto most likely got liquidated
This comes back to my decision in the last "altcoin season" where people are making and losing millions with altcoins
Altcoin season is when the smaller coins start going up a lot and peopel make a lot of money
During the last altcoin season when traders are bringing in 100-800% return, I decided to exit all of them and put it into Bitcoin.
This is because I noticed there's more and more manipulation where the coin founders are simply creating coins and dumping them immediately to make a quick buck.
There are very few "serious" projects out there (compare to the number of scams)
So during this crash, it shows how resilient Bitcoin is and it is not easy to crash the Bitcoin market given its market cap and dominance.
My portfolio will continue to have Bitcoin only and the rest in equities.
Cheers,
Eric
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Eric Seto
Chartered Professional Accountant (CPA)
Chartered Investment Manager (CIM)
Founder of 5MinInvesting.com
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Crypto wipeout -75% for altcoins
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