In what’s being described as one of the biggest crashes in the crypto market, with Bitcoin, ethereum, cardano and dogecoin all tumbling in price on Wednesday after China announced measures to block cryptocurrencies from being used as a form of payment in the country, it sent everyone, naturally into a frenzy. Please check on your crypto friends during this time.
FEMME MAG caught up with 11 women about their thoughts, how they feel and what they plan to do next.
Tobi
So this morning I woke up and saw the dip and just had to ignore my phone because I had work.. I got to work and planned to ignore Binance so I don’t faint, but seeing as I have a crypto group girl group chat, my phone was obviously buzzing because all the girls were stressed.
I had to obviously check what the fuss was about and I swear and my phone almost dropped when I saw $BTC at 30K. Speaking honestly, the jokes and banter in the GC is the only thing making me smile. We have to thank God for the power of communities (special S/O to my cryptobabes!)
Ibilola
Dips don’t move me, man. First time I joined crypto, I panic sold after the first dip and then it went up 50% after I was so angry. Everyone is shouting on Twitter and I’m just laughing. I’m holding crypto forever. It will be back up soon
But the crying tweets on twitter are giving me life some ppl clearly put their salaries in there. I’ve learned a lot and do my own research so not worried. Even about to eat amala dear. We always go again
Ahana
Today has been the second-worst day of my crypto career. (The first is the day I found out I had completely lost one of my old wallets). My friend called me at 5am to scream that the dip that we cried about yesterday has dipped again. It was wild then but I was still making jokes because it wasn’t the end of the world. After all, my portfolio was still worth more than my initial investment.
Fast forward to roughly 2pm, and my portfolio was worth half of what it was in the morning! The dip that had already dipped in the morning was in hell. I know you’re meant to trade cryptocurrency with money you’re prepared to lose, but who wants to lose any money at all? Anyway, I’m currently listening to ‘Way Maker – Sinach’ and retweeting jokes on Twitter because I can’t kill myself, and at least I’m not alone!
Afoma
I was in a class when the market started going red. Literally lost concentration and my heart started racing for the few hours when $BTC started going to $31k until I started looking for ways to buy the dip for the 100th time this year
Ndali
I mean anyone could see that there was always a high chance of something like this happening. Crypto is just so volatile. I understand the innovation and the potential it has but at the end of the day it just all seems like gambling to me.
Of course, that’s what the stock market is when it boils down to it but the way the value of crypto can be affected so drastically in such a small period of time potentially based on a couple of tweets or a Reddit thread? That’s just so wild.
Also, a lot of the “crypto bros” and wannabe bros have been so irresponsible with their advice. People putting all their life’s savings into one or two coins. Putting the money you can’t afford to lose in a memecoin hoping to double in a few hours? It’s giving big MMM energy. I hope it works out for people who lost big today but hopefully going forward the vibes are more risk management and strategic investment and less social experiment.
Oyinkan A
I didn’t really feel much if I’m being honest, an annoying feeling if anything? But I’m ok atm and I’m just waiting for the money/number that I put in to come back with some more so I will just withdraw and be done with. Lol
Demi
So I took “only put money you don’t mind losing” advice very strictly. Especially because it was peer pressure that brought me to crypt in the first place. My portfolio is currently worth less than I actually put in and I feel stupid. Crypto is not for the faint of heart and it definitely made me incredibly sad. I was basically throwing money into a dark barely regulated hole that I didn’t fully understand so stupid doesn’t even begin to describe how I felt.
If there’s one thing I’ve learned, it’s to only invest in things I truly believe in because regardless of the market I’d still be invested because I care.
I was BEYOND pissed when I saw how easily it was affected by a tweet from Elon Musk. I won’t start ranting about billionaires but my money can NEVER be in a market so easily swayed again. Your money should be working for you, absolutely, but within reason, please.
Fadekemi
Genuinely, this dip made my day, but then Coinbase upset me and my homegirls! It froze while I was trying to buy more ETH, LINK AND MKR, but I was eventually able to get in and purchase more (sadly not at the prices I was hoping for). I haven’t done any work today, despite the fact that I am very behind but I still feel very content. I also had a mental breakdown in the crypto babes group chat, so that was fun!
Oyinkan
I’ve seen red days, but I’ve never seen my balance below my initial investment before today. I sat watching my screen as Bitcoin dipped from 41k to 28k. I kept waiting for it to stop and the numbers just kept going lower. If not for the memes the girls I’m in a crypto group chat with were sending, I would’ve cried. But the banter kept me going. There were also the “buy the dip” merchants who didn’t seem to understand that THE MONEY HAS FINISHED.
There was nothing left to buy with. I tried shorting BTC with some profits I had taken from the DOGE run and I made $500 in like 10 minutes, I was so happy, I thought maybe this could save my portfolio. Then the trading app crashed and I lost it all again. At which point I resigned my fate to the cryptogods and held on for dear life. It was a wild day, genuinely felt like I was living through a Wall Street crash. I thought I wouldn’t make it out but here we are. I mean the portfolio is still red but at least I’m alive.
Damola
I’ve always thought of myself as quite risk-averse, so in the past, I’ve invested in managed funds so I don’t have to personally do all the daily trades. However, with the hype of crypto and how successful some have been in, I decided to give it a go after speaking to people and doing some research, the returns I saw in the first couple of weeks were great! Plus with news of Covid last year all my portfolios were red initially and then went back up.
However, last night I decided to invest in the dip and woke up this morning and the market had dropped way moreeee than it was the night before and I have ‘lost’ everything I invested last night but I’m still hopeful about the markets going back up as that’s just the nature of it I’ve just decided to stay away from the Binance app so I don’t drive myself into a panic.
Adesuwa
I read a write-up weeks ago about a correction of the crypto market (particularly $BTC) coming soon so I expected the dip – but I didn’t remove my money because I’m very long-term focused (I can park my crypto there for 3-5yrs).
I bought when $BTC dipped to $40k though & I really wish I’d waited!! So that upset me. For me, crypto is still a safer long-term bet than the Naira. Once I heard CBN had deleted exchange rates from their website and a devaluation is expected- it steadied my heart re:crypto because at the end of the day crypto > Naira.
