Fiends, there is nothing insignificant about a large pullback when you are going through it.
That said, I just shot a quick video to illustrate how insignificant these pullbacks look once a little time has passed. Hopefully, this video will provide you much-needed perspective on how you should view the recent market action.
So, what’s causing this recent spate of selling? And should we be paying attention to it?
Here’s what’s happening:
Right now, the crypto market is fixated on recent developments involving Tether (USDT).
Tether is a “stable” coin that claims to be backed by dollars. It claims that for every tether in the market, it has an actual dollar bill in a vault somewhere.
Let me be clear: I HAVE NEVER BELIEVED THAT CLAIM. That’s why I never recommended the token.
However, many people do use Tether. At last count, there are more than $2.3 billion worth of tethers.
Here’s why folks are worried…
Tether received two subpoenas from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Plus, its audit firm recently quit. The market is now afraid Tether may be a fraud.
No one knows what the implications of a Tether fraud would be. Just like in the stock market, uncertainty breeds doubt, and doubt leads to weak hands selling.
So, what should we do?
The answer is nothing. Absolutely nothing.
In any market, there will always be scandals, bad news, and busybody regulators. This is the nature of markets. Our focus is squarely on riding the long-term trend.
And, friends, regardless of Tether fears, meddling regulators, or the threats of central banker and government clampdowns… the long-term trend of crypto assets is solidly higher.
Markets fluctuate. That’s what they do. Sitting and worrying about Tether won’t do a darn good thing for you.
Don’t let the market rob you of the joy of living. So, get out there, go take your significant other out on a date, hug your grandchildren, and get busy doing something fun.
