It’s tax time and figuring out what you owe on your thousands of crypto transactions is an epic pain in the ass! I have been using Blockpit, which has made my life much easier. They are also an amazing sponsor of this newsletter. If you have not started doing your taxes yet, then you are FAR behind and need to get to it.I was able to easily import my trades directly from most exchanges. For those that do not have direct APIs for any tax platforms (Phemex + Voyager) I was able to easily download the transactions and format them to be used. The tax report was quick and easy to create in the app. I can also track the performance of my assets in the app, which helps a lot when planning for NEXT YEAR’S taxes (yikes).SIGN UP HERE and get a 10% discount.What a difference a day makes.Yesterday the crypto community was in a panic, calling for 20K Bitcoin targets and stating that the top was in for the year.Today, the same people mysteriously "bought the dip" and are calling for 100K Bitcoin.The truth likely lies somewhere in between those predictions for now, but what's important is that you remained calm and rational during the drop and avoided making any mistakes. There were a lot of people selling the bottom of Bitcoin and alts yesterday. I was able to buy a bit more BTC at lower prices than where it is trading now, but the chance of another drop is certainly still there so it's too early to celebrate. I bought another BTC just hours ago once again at $49,500.The clear bigger opportunity was buying dips on alts, as they always bounce a bit harder than their big brother Bitcoin. That said, buying alt dips is a very risky strategy unless you are investing and willing to hold. Otherwise, more often than not, you time it wrong, catch a falling knife and stop out before price inevitably goes back up. I am personally overexposed to altcoins at the moment, so my focus is putting some of my profits back into BTC as a long term investment.It is once again important to remember that these corrections are not only normal, but healthy. Peter Brandt pointed out last year that during the 2015-2017 bull run for Bitcoin, price dropped an average of 37% on 9 separate corrections. If this drop is over, it was a mere 23%. Not even as big as the quick January correction.For now, the drops are getting smaller. We have a more established floor from institutional investors and big money. That said, it's also important to remember that these corrections will still happen, even with Saylor and Musk on board.Remain calm, as I said yesterday. Suffer the temporary pain for the long term gain.I will be charting your requests at 2PM EST today, as always. Some people have commented that they enjoyed the previous format, where I did a paragraph on each request. The truth is, I do not have time to do it anymore - there are far too many requests and it's just too much, especially for $15 a month. I know that many of you enjoy the videos as well!https://www.youtube.com/watch?v=nNv7wW3s4BsSide note - IntoTheBlock's analysis will be tomorrow instead of today!This newsletter is always sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use! https://phemex.com/a/ScottMelkerIn This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsSquare Buys More Bitcoin$4.8B Bitcoin Donation To MiamiMicroStrategy Buys More BitcoinMy Recommended Platforms And Tools
The Wolf Den #185 - What A Difference A Day Makes
The Wolf Den #185 - What A Difference A Day…
The Wolf Den #185 - What A Difference A Day Makes
It’s tax time and figuring out what you owe on your thousands of crypto transactions is an epic pain in the ass! I have been using Blockpit, which has made my life much easier. They are also an amazing sponsor of this newsletter. If you have not started doing your taxes yet, then you are FAR behind and need to get to it.I was able to easily import my trades directly from most exchanges. For those that do not have direct APIs for any tax platforms (Phemex + Voyager) I was able to easily download the transactions and format them to be used. The tax report was quick and easy to create in the app. I can also track the performance of my assets in the app, which helps a lot when planning for NEXT YEAR’S taxes (yikes).SIGN UP HERE and get a 10% discount.What a difference a day makes.Yesterday the crypto community was in a panic, calling for 20K Bitcoin targets and stating that the top was in for the year.Today, the same people mysteriously "bought the dip" and are calling for 100K Bitcoin.The truth likely lies somewhere in between those predictions for now, but what's important is that you remained calm and rational during the drop and avoided making any mistakes. There were a lot of people selling the bottom of Bitcoin and alts yesterday. I was able to buy a bit more BTC at lower prices than where it is trading now, but the chance of another drop is certainly still there so it's too early to celebrate. I bought another BTC just hours ago once again at $49,500.The clear bigger opportunity was buying dips on alts, as they always bounce a bit harder than their big brother Bitcoin. That said, buying alt dips is a very risky strategy unless you are investing and willing to hold. Otherwise, more often than not, you time it wrong, catch a falling knife and stop out before price inevitably goes back up. I am personally overexposed to altcoins at the moment, so my focus is putting some of my profits back into BTC as a long term investment.It is once again important to remember that these corrections are not only normal, but healthy. Peter Brandt pointed out last year that during the 2015-2017 bull run for Bitcoin, price dropped an average of 37% on 9 separate corrections. If this drop is over, it was a mere 23%. Not even as big as the quick January correction.For now, the drops are getting smaller. We have a more established floor from institutional investors and big money. That said, it's also important to remember that these corrections will still happen, even with Saylor and Musk on board.Remain calm, as I said yesterday. Suffer the temporary pain for the long term gain.I will be charting your requests at 2PM EST today, as always. Some people have commented that they enjoyed the previous format, where I did a paragraph on each request. The truth is, I do not have time to do it anymore - there are far too many requests and it's just too much, especially for $15 a month. I know that many of you enjoy the videos as well!https://www.youtube.com/watch?v=nNv7wW3s4BsSide note - IntoTheBlock's analysis will be tomorrow instead of today!This newsletter is always sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use! https://phemex.com/a/ScottMelkerIn This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsSquare Buys More Bitcoin$4.8B Bitcoin Donation To MiamiMicroStrategy Buys More BitcoinMy Recommended Platforms And Tools