News Ethereum Falls Below $600, Bitcoin Rekt

Ethereum Falls Below $600, Bitcoin Rekt

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Cryptos have seen the biggest sell-off in history with the global market cap falling below $300 billion, half a trillion lower than its all-time high (ATH).

Not one digital currency or token is up today, not even Tether, which has suddenly gone silent, printing no longer.

Bitcoin has seen the brunt, loosing some $200 billion in market cap, but ethereum is down too, more than halved from its ATH of $1,400 to briefly fall below $600.

Ethereum Falls Below $600, Bitcoin Rekt
Ethereum’s downtrend.

Bitcoin’s zoomed out chart looks terrible and very much like the typical market cycles chart, with the stage now seemingly reaching despair.

Ethereum Falls Below $600, Bitcoin Rekt
Bitcoin’s price since 2016

It’s a bear market folks and we know it because Vlad Zamfir has turned bull. He was bearish on eth from a price of $20 to $1,400, now he wants moon. Typical noob trader.

But it is probable this has been oversold. To put it in perspective, price has fallen down more in relative terms than after the MT Gox hack in 2014 which left many penniless.

We have thankfully been spared a likewise black swan event since the Slockit DAO, so what we are probably seeing is just the herd mentality that overshoots in exuberance and then turns to overshoot in losing all hope. Or, better said, the present is permanent mentality. Change das vorboten.

Ethereum Falls Below $600, Bitcoin Rekt
Buy, sell, human herds.

We might now see some sideways action and perhaps consolidation, although a lot of money is being taken off the stock market.

We’re not sure if Wall Street Bets reads us, but they are probably smart enough to have figured out a recent correlation of sorts between stocks and cryptos.

The difference might be that cryptos seem to be front-running, as in reacting first. Which means they might think this has fallen low enough, while stocks might have more to go, and since they need somewhere to park their money, perhaps cryptos might be it.

In addition, few leave cryptos and pack their bags. Most are probably parked in fiat, waiting for a good entry point. That’s why we get these wild swings, in cryptos and in stocks.

Everyone is trying to guess what everyone else will do, so they rush in together and rush out together, with few caring about whatever they are buying as long as they think everyone else will buy it too.

Hopefully though those stocks bagholders, including banks, have now learned their lesson. You diss crypto, you are dissing stocks too. Because in an inter-connected global economy, a butterfly can cause a tsunami.

And a butterfly cryptos certainly are, yellow and beautiful, flapping their wings up and down with little care but to say: are you not entertained?

 



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