The Crypto Carnage

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by Chris

The long wedge has been broken to the downside…. Solidly.

The reports of the past few weeks of people not able to get their fiat out of bitfinex for many days and weeks with radio silence from the “help desk” at Bf was pretty telling.

I’d be personally terrified of not getting my money back if I were stuck in there…

I suspect we’re also just a go and a skip away from the tether fraud being exposed.

Trade safe everyone…

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If I had to guess, I’d say that whatever hedge or macro fund that blew up on the oil trade was into cryptos as well.

Or maybe it’s just what happens when an asset class breaks down out of a long wedge.  It was either up or down, and for now that’s “down.”  Maybe that’s a function of liquidity draining away globally too?

Or it could be that the hype is over, and people have settled down, and as one wag put it recently “finally discovered that blockhain is just a really f**king slow database.”

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I found the remarkable drop-off of corporations mentioning blockhain or Bitcoin in earnings calls this quarter  to be pretty compelling evidence of the hype stage being over:

(Source)

As with Google searches, it’s probably no coincidence that interterest peaked right around when prices peaked.

Full disclosure, I have no exposure here…been scared off since I underestood tether.  Waiting an watching for that shoe to drop.

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