Cryptos have been the talk of the town lately, grabbing headlines for each new record they hit…but the headlines they grabbed today are of a different variety.


 

Are you a fan of the National Lampoon’s “Vacation” movies?

If you were born before 1990, odds are that you’ve seen at least one of these movies starring Chevy Chase and Beverly D’Angelo as married couple Clark and Ellen Griswold. It’s a franchise that lasted from 1983 all the way to the reboot in 2015.

If you’re a child of the 1980s like me, then these movies probably hold a special place in your heart.

Now, while each one got progressively cornier, all of them have their merits and are still uniquely funny.

We’re in the holiday season and “Christmas Vacation” might seem like the most appropriate film to reference…

But instead, I wanted to share something from “Vegas Vacation” that always struck me as funny—and in a minute, you’ll understand why.

In the movie, during a family trip to Sin City, Clark becomes a degenerate gambler and is obsessed with chasing a win at a casino. The problem is that he keeps running into Marty, a blackjack dealer that seems to be Clark’s unlucky charm, and he keeps beating Clark and taking his money.

At one point, Marty seems to take pity on Clark and spouts this iconic line, “You don’t know when to quit, do you, Griswold? Here’s an idea… why don’t you give me half the money you were going to bet; we’ll go out back, I’ll kick you in the n**s, and we’ll call it a day!”

Ouch…

Well, if you’ve decided to buy any cryptocurrency in the past few months, today you probably feel like Clark Griswold up against Marty.

Since Friday, cryptos across the board have taken a shellacking…and the people that hold them are aching from a few kicks below the belt.

A Swift Kick To The Metaphorical Groin

By Monday, reality set in that something was wrong in the crypto world. Bitcoin dropped almost 5% yesterday!

While some crypto investors started out hopeful this week, it seems that Monday was just a LOT more of what we got over the weekend. At one point, Bitcoin lost over 1/5th of its value.

Talk about a bitter pill to swallow…

Watching cryptos over the past few days was like watching a car crash in slow motion—only you and your money are in the car, and the unstable economy is presenting a very stable wall.

This past weekend has put Bitcoin futures back to where they were over two months ago after we all got to witness the all-time high of $69,000 back on November 10th.

And who’s to blame? What could have caused this?

The same culprit as always: that damned COVID-19 virus.

The consensus regarding the weekend fall blames it on a broad move away from riskier assets across ALL markets due to concerns about the Omicron variant of COVID, as well as lower trading liquidity that tends to plague cryptocurrencies on weekends.

One crypto fund director, Matt Dipp from Stackfunds, said, “Our expectation is the rest of Q4 will be a hard month; we aren’t seeing the strength in Bitcoin that we generally see after one of these crushing days.”

Ain’t THAT the truth…

Even as we speak, Bitcoin is trending south—and it doesn’t look like things will get better any time soon. Dibbs agrees with this, citing that “Leverage markets have been completely reset, and open interest within leverage markets has completely reset.”

So What’re You Going To Do?

But you can see it for yourself.

On any one of the crypto data platforms, you can see that the total number of futures contracts held by market participants at the end of the trading day, across ALL exchanges, was last at $16.5 billion.

This past Thursday, futures contracts were holding steady at $23.5 billion—and back on the record day, futures contracts were and as high as $27 billion at one point.

Seriously, look at this chart:

Now, there are two ways to look at all of this.

First, you could look at the carnage of the past couple of weeks and say, “Nope! Cryptos are too risky for me. I’d rather stick to things with metrics I can understand.”

Or, you can go all contrarian and say, “Wow, now’s the PERFECT time to get in and start grabbing low-priced shares when they’re at a steal.”

It all depends on who YOU are as a person.

Are you a risk-taker? Or do you like to play it safe?

Me, I’m a risk-taker. Always have been. My life choices have added many gray hairs to the heads of my mother and grandmother—so you can bet that I see this drop as a GOOD thing.

That said, I may wait a little bit longer to see if it’ll go any lower before pulling the trigger on one. That way we can track it.

I may take risks…but my mama didn’t raise no fool. If I can get it for cheaper, I will.

Man, I honestly LOVE the fact that we’re learning about these things. There’s so much to learn! It’s almost like getting a whole new financial education.

It’s been a ride so far. Can’t wait to see where this thing goes!

 

“What separates a winner from a loser at the grandmaster level is the willingness to do the unthinkable. A brilliant strategy is, certainly, a matter of intelligence, but intelligence without audaciousness is not enough. I must have the guts to explode the game, to upend my opponent’s thinking and, in so doing, unnerve him.” – Garry Kasparov

 

Catch up on the crypto journey so far!

14. Improving On Crypto: How A New Coin Is Killing It

13. Game Maker Finds A New Use For Blockchain Technology

12. NFTs: The Elite’s New Membership Card?

11. What The Leadership Change At Twitter Means For Crypto

10. Do Cryptos Thrive On Chaos?

9. Hey, India… Don’t Mess This Up!

8. Crypto Is One Step Closer To Becoming Mainstream

7. On The Verge: Why Crypto Could Get Even BIGGER

6. “Decentralized Autonomous Organizations:” How Blockchain Is Changing Business

5. Going For A Ride On The Bitcoin Rollercoaster

4. Crypto Secret: Investing Like You’re A Part Of The Club

3. Crypto Overload: Sifting The Chaff From The Wheat

2. Researching Cryptos: What Are We Looking For?

1.Want To Know How To Trade Crypto? Me Too!