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RE: Calm Down! A Few Thoughts about Investing and the Ups and Downs of the Cryptocurrency Markets
A lot of people are just going on gut reaction more than anything.
What they have is an "unrealized gain" that got smaller, but they interpret BTC going from $19000 to $12000 as a "loss" even though they actually paid $3000 in the first place, and are still sitting on a 4x gain.