After show strength for weeks, the wonderful world of crypto is weakening again (although in the past few minutes before I put this post up, crypto pared its losses, since at the moment everything with a ticker symbol is vaulting higher). It sounds like there’s another brouhaha going on between the exchanges that is creating doubt. Thus, the big boy Bitcoin is down quadruple digits.
Second place player Ethereum is, in turn, giving up the past couple of weeks of gains and is approaching an important support level.
We can also see that the biggest public brokerage, Coinbase (pictured here along with its creepy-looking founder) is heading toward new lifetime lows.
But what matters the most, of course, is the Dogecoin Millionaire. I suppose now that the Elon/Twitter excitement is turning into revulsion, the notion that someone Dogecoin is going to be super-duper valuable is dissipating (again), thus causing a nearly 50% wipeout in a matter of days.
Where assets finally settle by end-of-day Thursday will be very telling and will probably button down the direction of all asset classes through the end of the year.
