Benjamin Mitchell @Ben_mitchell: "WEDNESDAY WIND-UP SUMMARY An unfortunate last 24..."

United Kingdom

WEDNESDAY WIND-UP SUMMARY An unfortunate last 24 hours bring an end to an otherwise good week. Heavy falls in our crypto holdings, mixed with some stock drops today have given us a negative result to a week that had been looking like a continuation of our month long green run. PORTFOLIO MOVEMENT 7D (-1.98%) ❌❌ 1M (+2.69%) ✔️ 6M (+13.61%)✔️✔️ 12M (+50.07%) ✔️✔️ NEW POSITIONS N/A CLOSED POSITIONS N/A NOTABLE POSITIONS This week has been most notable for the boozy woozy movements of everyone's favourite cryptos. This has unfortunatley been the primary cause for us ending at a losing position for the week. Positive news first: $BTC - Bitcoin released its taproot upgrade at the weekend. This is huge news for a currency that has gradually been falling further behind the curve feature-wise. Bitcoing and crypto-currency are synonymous. which is why the majority of investors interested in crypto start with Bitcoin. However over time it has fallen far behind in DeFi features, particularly smart contracts, which allow more complex transactions to take place with the currency. Smart contract transaction examples on the blockchain include nft trades, currency swaps, loans, and any other complex transaction you can think of that can be programmed. With Taproot, Bitcoin (among other updates for privacy and security) started laying the groundwork for smart contract integration. This is a very welcome change for those of us investing in Bitcoin, and I hope to see it continue to go further to compete with other cryptos in terms of functionality. Now the bad news: $BTC & $XRP : Biden and the US government recently signed off on their latest infrastructure bill. This one contains some quite big changes to the way crypto-currency is handled in the US and it's direct links to its owners. The bill requires brokers to report information about all transacations over $10,000 to the Internal Revenue Service . Seen by many as a good thing, this would make taxing crypto-currency trades significantly easier as they would be seen similar to traditional stocks in tax reporting terms. On the down-side though, this represents further regulations on crypto-currency as a whole, which is largely seen as a negative path for what was designed to be decentralised finance. With the crypto-currency ramble over, the remainder of the update is quite short. The recent moody teenager $ATVI continues to bear its fangs, however I can't see it continuing much further negative, so patience will have to bear its fruits. Some slightly negative moves from $NIO (Nio Inc.-ADR) And $PDD (PDD Holdings Inc - ADR) have brought us mostly equal with the postiive gains of $NTES, which continues to be our champion (after a brief problem period of it's own). Let's hope crypto gets us back to our highs in the very near future. Other than that, thanks as always to all my copiers and to those who read this update. Onwards to early retirement! NOTE ON COPYING Due to a lot of copiers joining then dropping their position with me after a day or two, I wanted to make some things clear: - Copy Minimum Duration: I recommend AT LEAST 3 months copying with me, preferably upwards of 6 months. Copying for lower durations is much more akin to just gambling, especially if you're only copying for a couple days. You're paying the spread on all the positions you open, so short positions like this are just a waste of money (although I'm sure Etoro will thank you for it!) - Copy amount: I don't have any strong opinions on the amount you should use to copy. Copy with whatever you can. I believe the minimum copy amount on Etoro is $200, which is enough for me considering my relatively small number of positions.

Not investment advice. The author may have financial interests in the mentioned instruments.