During 2023, almost all assets have gone up, but in percentage terms, crypto has outshined them all. In so many ways, it’s like 2021 all over again, because, ya know, people do NOT learn. In any case, trees do not grow to the sky, and for what feels like the first time in twelve months, Bitcoin and all the lesser “coins” got smacked in the face, with Bitcoin losing thousands dollars in a matter of just a few days. As I am typing these words, the BTC futures are down $4,000. Remember, that’s the change for today!
Naturally, anything that has anything to do with crypto is coming along for the not-so-joy ride. Here are just a couple of the larger examples:
Is this just a little blip on the way to lifetime highs? Sure, it could be. I will say, however, that it’s going to take some of the zeal out of the crypto-crowd’s hearts. For one thing, the important breakout above resistance in Ethereum has been damaged (the horizontal line below). Like the old saying, “easy come, easy go”, and in this case, the “go” is a lot faster than the “come”.
