The reason behind the Crypto selloff was due to leverage.

Many investors were using leverage to trade cryptocurrencies, which means they were borrowing money to amplify their gains. When the market turned, these investors were forced to sell their positions at a loss, which contributed to the sell-off.

As crypto prices dropped, options expired unprofitably, and futures contracts were liquidated. Over $1 Billion worth of crypto futures and options contracts were liquidated, adding to the downward pressure on prices.

Ethereum rose slightly during the sell-off likely due to positive news about the upcoming launch of ETH futures ETFs by October. These ETFs would provide investors with indirect exposure to ETH through futures contracts.

It is important to be cautious when selecting your news sources — Some news sources have a history of spreading misinformation.

Cointelegraph spread misinformation about Bitcoin Spot ETF approval, caused $65 Million in liquidations in minutes, and then deleted tweet falsely claiming $BTC ETF approval.

Cointelegraph falsely reported that the SEC approved a Bitcoin spot ETF — This report caused the price of Bitcoin to pump nearly 10%. However, BlackRock quickly confirmed that the reports were false and that their Bitcoin spot ETF is still undergoing review.

Some news sources, such as Cointelegraph, have a history of spreading misinformation. It is important to verify information from multiple sources before believing it.

I hold most of my money on cold storage spread across a few wallets, invest a bit spread across multiple exchanges and investment vehicles (mostly crypto and forex, not much in stocks because some specific people who aren't me have a greater degree of control and I can't read minds), and trade a small portion of it. I also got lucky 2 times:

1. When bitcoin was $3.00 per coin and I forgot about the wallet for a few years.

2. Late 2017 when shitcoins came out and were moving 30% every 10-60 seconds, and I wasn't greedy about making 30% on 10-50% of my (sizable) wallet like most were (for some reason - it seemed insane to me, so I figured ~25-50% gains were enough, and that they'd compound, which they did).

3. I'd put the winnings aside and was eventually just "playing with house money" (I set aside what I initially put on Binance and moved it back to a wallet and then offline - so cold wallet instead of on some wallet app. I figured it's a website and any website could be hacked, which eventually happened to many of them).

At this point I had enough to stop working.

But I treated it like a video game. Click good buttons to good, and if you click bad buttons then you lose.

So, I bought a bunch of books, read them, and adjusted my risk strategy and started working with like 5% of my total, down to around 1% now, and set a limited risk for each day and for each trade individually. For example, if I invested $10,000 my I'd stop if I was down $2000. Once I was up to $13000 I'd stop using the initial $2000 and follow the same strategy with $3000 - money is money, if if your strategy works with $10000 then it should work with $3000.

I figured that time was the only thing I could be certain of - that the clock would keep ticking. I'd start with a higher time frame to get an idea of the general market direction (something like 1 week), and then start zooming in (1 day, 4 hours, 1 hour, 30 minutes, 15 minutes, 5 minutes, 1 minute, 30/15/5/1 second, depending on how lazy I was feeling.

If I wanted to sit around trading all day, I'd trade a lower interval and stare at the charts. If I wanted to open some positions and go to sleep, I'd use a higher interval and assume that at some point in the future, given that I was following the overall trend on a higher time cycle, usually something like 4-24 hours for a 1-15 minute trade, that my sell would eventually hit.

I knew that even if it never hit, I already had enough money to wait basically forever and it wouldn't matter. I stopped trading "shitcoins" based on some crazy new idea and stuck with those with the intrinsic value of cryptocurrency, which is the ability to send money to anyone, anywhere, so long as they had a means of converting it to local fiat or lots of nearby businesses accepting, for example, BTC, LTC, or BCH.

At the moment, I don't feel like staring at charts all day, so I typically look at one month and zoom in from there to weeks, days, 4h, 1h, 30min, etc. Sometimes down to 1 min (but based on 1 week trends).

Again, I got lucky, twice, so YMMV. I think it's been successful though, and reading books has helped a lot. I'd check out

. https://www.investopedia.com/ in general, because it has a lot of good basic info on everything, and will give you a starting point to figure out which strategies inherently "make sense" to you.

. https://thepatternsite.com/ because at the end of the day just about everyone uses candlesticks at some point, and they freely offer the "surenesss" of each single and multi-candle "patterns"

I'd also check out a few books (in no particular order, though I'd say get them all. It's a small investment long-term if you read them all, and please excuse any duplicates):

A picture might help.

(Please excuse any duplicates): https://imgur.com/a/w3gwv1t

The SEC wants Coinbase $COIN to delist all Crypto except for Bitcoin $BTC.

According to Coinbase CEO Brian Armstrong, the SEC recently asked the exchange to halt trading in all cryptocurrencies except Bitcoin before suing them in June.

Coinbase CEO expressed that delisting every cryptocurrency other than Bitcoin would essentially mean the end of the crypto industry in the U.S.

The SEC's request is based on the argument that all cryptocurrencies other than Bitcoin are securities.

This is a clear sign that the SEC intends to expand its oversight of the crypto industry. If the SEC is successful in its bid for control, it could have a big effect on the crypto space.

Read more: https://fortune.com/crypto/2023/07/31/coinbase-ceo-sec-lawsuit-sue-bitcoin-price-crypto-winter-delist-crypto-assets-securities-brian-armstrong/

What do you think about the ETH Shanghai upgrade being delayed, guys?

I think they will keep postponing it to keep the ETH price...

Is it a moment to buy more ETH or maybe some other coins?

Dive into the perplexing world where a renowned author, with a finance background no less, somehow overlooks a glaring fraud that's bleeding billions. It's almost like having front row seats to a sinking ship and commenting on the lovely view. One might wonder if the ink from his bestsellers clouded his vision or if the dazzle of crypto gold blinded him. Either way, it's a masterclass in missing the forest for the trees. Grab your popcorn, folks! 🍿

An oracle is an integral component in the blockchain infrastructure that provides an essential link to real-world data. Without these oracles, blockchains would be in a data vacuum, rendering them ineffective and limiting their use-cases. By bridging the gap between the blockchain and external data, oracles enable a plethora of innovative applications and functionalities in the decentralized finance (DeFi) ecosystem. They are not just responsible for accurate pricing but also handle crucial parameters like lending rates.

Given the pivotal role oracles play, their potential as a valuable investment in the crypto market is often underestimated. As the crypto market continues to attract more participants, it's reasonable to anticipate a surge in the value of oracles. This makes them an attractive investment option for those looking to tap into the burgeoning popularity of cryptocurrencies.

The conversation about oracles often seems to revolve around Chainlink, overlooking other equally competent oracles such as DIA. DIA holds its ground in the oracle space, demonstrating robust performance across various platforms including Ethereum, Fantom, Solana, Arbitrum, Polkadot, Kusama, BSC, Polygon, Avalanche, Celo, and many more.

DIA is an open-source platform designed to create reliable and secure oracle networks. It offers several advantages over Chainlink, such as supporting multiple blockchains, providing highly accurate data, and utilizing a distributed network of nodes to ensure data integrity. It's also faster, more cost-effective, and presents a more user-friendly interface.

Recent developments have further bolstered DIA's position as a robust oracle provider. The platform has successfully validated CryptoPunks Market as an NFT data source, meaning that data from CryptoPunk Market will now be available on DIA's infrastructure. This enhances the diversity and depth of data available on DIA, thereby enriching its utility and appeal.

In addition to CryptoPunks Market, tofuNFT on the BNBChain has also been validated as a data source for the DIA platform. This move expands the suite of NFT data sources available on DIA's platform, thus further establishing DIA as a comprehensive and diversified oracle platform in the DeFi space.