NEW YORK : When Doug Milnes started buying cryptocurrencies in January of this year, he felt like it could become an entirely new asset class for investors.The marketing executive from Summit, New Jersey, says his holdings, including a number of different cryptocurrencies like ethereum, are down around 60 per cent from where he bought. What was 2 per cent of his portfolio is now around 0.8 per cent – making him wring his hands about whether to hold on, head for the exits, or buy the dip.
Meanwhile, bitcoin - the dominant cryptocurrency - fell from a high of more than $67,000 to its current level just below $20,000. Of course, crypto is hardly alone in flying through heavy 2022 turbulence. The stock markets officially dipped into bear territory earlier in June – the S&P 500 is down more than 19 per cent year-to-date as of Wednesday, and the Nasdaq is down more than 28 per cent over that time frame.
After all, just because there have been heavy losses, that does not rule out more losses to come. “If you find yourself unduly rattled, maybe you’re not a good candidate for holding that asset class,” said Benz. “There’s no shame in that.”It may seem like cold comfort, but if you have lost value in crypto transactions, you can write off a certain amount come April 15.
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