Right now what it is making him feel is extremely unsettled. The marketing executive from Summit, New Jersey, says his holdings, including a number of different cryptocurrencies like ethereum, are down around 60% from where he bought. What was 2% of his portfolio is now around 0.8% — making him wring his hands about whether to hold on, head for the exits, or buy the dip.
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View Details »"Crypto has gone through a number of booms and busts over time, and it's hard to know if this time is different," Milnes says. «I don't know if my feelings are clouding my judgment. It's hard to feel confident about what to do next.» It has certainly been a harrowing year for crypto, and Milnes is not alone in trying to make sense of the plummeting charts. Total market capitalization of crypto assets has gone from almost $3 trillion in November 2021 to roughly $900 billion as of June 29, according to the tracker CoinMarketCap. Meanwhile, bitcoin — the dominant cryptocurrency — fell from a high of more than $67,000 to its current level just below $20,000. «Some people set up their portfolios in the euphoria of the last few years, without much thought about a bigger plan,» said Christine Benz, director of personal finance for investment research firm Morningstar. Recent losses, she adds, are a good impetus to ask yourself some questions, including how much risk can you take and what kind of losses can you withstand? «If you didn't go through that process on the front end, it's worth thinking through now,» Benz said. Of course, crypto is hardly alone in flying through heavy 2022
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