📉 FF- May 19th, 2021 - A dark day?

An important day for the cryptocurrency market as it will go down in history. Some news outlets are saying it was the day the bubble burst for Bitcoin but was it? Of course, not... it is far from the 'reality, the truth'.

However, Bitcoin had dumped close to 30% within a matter of minutes due to the Chinese FUD that was gaining lots of traction, altcoins from within the 'Top 100' had dipped by as much as 55-75% into the negatives. 90% of the world's top global exchanges went offline, all trading functions went dark for a good hour with full functionality returning a good six hours later.

Was it just another normal day in the crypto world? Hell-NO.

Our team had been trading since the pre-institutional days of crypto. Long before, 'derivative trading' gained mainstream attraction with BitMEX as more 'gamblers' entered the markets rather than your average 'retail investors'. Ever since then, the market has matured and crypto has since grown into a Trillion dollar market. So, for a team that has been involved with trading & the crypto world for so long. We have seen how the markets have matured over the years. So, take our word when we say that what had happened that day was something which hasn't happened before. At least not in magnitudes seen that day. It was an extremely unfortunate day for us and the whole world of cryptocurrency.

How did it impact us with the portfolio management we were providing under First Finanze (API)?

By quite a lot. Up until that day, we have ridden extreme dips, flash crashes, mini dumps, major dumps - you name it, ask any of our clients. But we weren't prepared for this, even as we were planning to cut losses, the exchanges went offline. By the time we could have asked our clients to close anything in losses - the exchanges went dark. We were placed in a speeding car, with no control over the steering wheel or the acceleration. And because of that, all of our clients suffered. And we suffered alongside them, as we had a lot riding in our management personally as well. We took a severe blow and a major setback.

What happened next? We just crawl over and give up?

No. We took a break and immediately scheduled a meeting with all the departments of our Resurgence Trading team the very next day. We discussed for hours and strategized on what we can do going forward when it comes to our First Finanze portfolio management. We made a firm decision to improvise even further. To make it sustain these Once in a blue moon event that is bound to repeat in the future. So we split our primary strategy into multiple distinct strategies and bring into the fray other strategies that were being tested privately for months now which guarantees that we will not be susceptible to any kind of liquidations. So, going forward 'Resurgence Trading' as a brand has been given an opportunity to improve & mature in terms of what we are providing. And we intend to make full use of that because of which we made sure, that we will do our best to cover these once in a blue moon crashes or freak crashes and provide protection from any liquidation scenarios.

First Finanze (API) isn't going anywhere. We are only getting better.

As we now have our full support from all our existing clients of FF (API). We take the next step in the chapters of a new improved First Finanze (API). For people who are interested in what are the exciting new changes coming to the service? Stay tuned for announcements that are coming soon on the server.