As the cryptos were going into a death spiral Thursday night and Friday morning, a couple of them caught my eye as good buys. I don’t trade the stuff (although some people have emailed me, encouraging me to do so), but if I had an account, I think I would have bought Ethereum when it was down about 45% on Friday morning. It recovered decently already, and its pattern was far, far better than Bitcoin’s.
As I’m working with my team on New Slope, I’ve been reviewing our videos to see which are still useful and which need to be tossed. One of them was about analogs, and even though it was recorded over five years ago, it worked out great. Here it is:
It’s extraordinary to me that Bitcoin futures launched Sunday at about $20,600 and as of this moment have broken into the $12,000’s. A drop of 40% in the span of a few days after launch is, umm, pretty impressive. And I’ve said repeatedly, I don’t have a dog in this fight (although, given my warped nature, I’d find it funnier for the entire crypto space to implode), but I will point out that this crash, in the big picture, isn’t much different than any of the others. The uptrend is still intact.