Bitcoin Crash Accelerates

The top 26 cryptos are in the red, with the 4 majors down double digits. This week, 9 of the top 11 are down over 20%.

Chart from Investing.Com.

It's difficult to deny a bitcoin crash is underway, but the true believers will deny the crash anyway.

The HODLers' expectations of big bounces are being sold hard.

This post adds little to the discussion, but I have a couple of articles planned in which I will detail how and why the true believers are wrong about mining costs and miners supporting the price of Bitcoin.

For now, and contrary to true believer statements, buy the dip has morphed into buyer beware.

Belief in bubbles is fun, until they pop.

Mike "Mish" Shedlock

Comments (22)
No. 1-22
KidHorn
KidHorn

Once all the suckers are scared away, it will drop to almost nothing.

Carl_R
Carl_R
Ambrose_Bierce
Ambrose_Bierce

Its real its just not certain is these companies are going to be around. The best argument for bitcoin is FIAT currency and central bankers failed monetary policies. The second argument is regulations on currency transaction associated with crime and drug use, and targeted terrorist organizations which also use their money to do social good. In short the corruption of the money used in a global economy to support the elite corporations who are also responsible for providing the (global) MIC with great quantities of standardized goods, which function as fascist extensions of this policy while denying economic funds to competing third world countries who either don't play along, or demand some measure of autonomy. This is not a rant, this what the big heads talk about in their office on the top floor, and of course how to get control of it.

Sechel
Sechel

As long as it trades above $0.00 its over-valued in my view