With the latest update on our cryptocurrency investment a few weeks ago, we were left with some timid signs of recovery for the sector, after months of decline or stagnation. Unfortunately, our hopes heavily clashed with one of the most difficult moments of cryptocurrencies, due both to the extreme volatility that characterizes the sector, and to the persistence of geopolitical tensions and the consequent energy crisis. We therefore present ourselves with a drop of almost 40% of our assets of 100 euros in a few weeks, from which it will undoubtedly be difficult to recover.
Our cryptocurrency investment: where we left off
A few weeks ago, the situation looked pretty rosy to us, as we were even ahead of our initial cryptocurrency investment. The photograph you find above showed us a wallet in good health, on which we had intervened by selling the 4.72 euros of Polkadot and investing the same amount in Jasmy, the coin landed on Crypto.com just a few months ago, but already strong of a partnership with a company of the caliber of Toyota. Below, you can see our current situation instead.
The collapse of our cryptocurrency investment
The image leaves no room for many comments, and shows a drop of between 30 and 40% for each of the cryptocurrencies we own. On the one hand, this situation is a sign of extreme and incontrovertible weakness of the entire sector. On the other hand, however, the general decline gives us hope that an improvement in the political, economic and energy context can drag the entire sector upwards.
In the meantime, however, we can only lick our wounds and take note of the moment of extreme difficulty of our investment, in particular as regards the cryptocurrencies in which we had invested the most, namely Bitcoin and Ethereum. Of the 40 euros we had invested in each of these Crypto, we are left with 26.90 and 23.88 respectively. Almost all of our overall loss, which currently amounts to just over € 35, is therefore due to the difficulties of the two most important cryptocurrencies, in which we had given a lot of confidence.
Those who have followed us from the beginning know that we have made it a rule to make at least one movement for each update. Even if the current situation is merciless, we still want to keep our promise. Having to make a losing move, we opt to sell our small position on Cronos, due to the rewards of the Crypto.com rewards program. The few pennies we have left are invested in Bitcoin, ideally aiming at a recovery in the sector driven by the best known and most followed crypto.
The sharp drop in our paltry investment is a warning to anyone who decides to buy cryptocurrencies. This type of investment requires patience and reasoning, perhaps accompanied by an accumulation plan that minimizes the damage caused by negative moments. However, we continue our mission, on which we will update you next month.