Cryptocurrencies Rip Higher As Dip-Buying Replaces Panic-Selling

FYI.

Cryptocurrencies Rip Higher As Dip-Buying Replaces Panic-Selling:

Yesterday’s triple-legged panic-selling across the crypto-space, which saw Bitcoin and Ethereum down 30 and 40% respectively at their worst ended around 10amET and while the mainstrea media was happy to declare (once again) the death of Bitcoin et al., the entire crypto world has soared since – almost erasing the entire day’s losses.

Across the board, cryptocurrencies are soaring…

Which has pushed Bitcoin, Ethereum, Ripple, and Litecoin back to almost unchanged from Thursday…

Interestingly the collapse in cryptos appears to have been stalled by the limit-down halt in CME Bitcoin Futures – ironic really given the mainstream view that futures trading would be the end of cryptos.

Now, let’s not get too carried away as Bitcoin remains well off its record highs, but on the other hand a 45% bounce off the lows is nothing to shrug off…

News yesterday of Mike Novogratz delaying the launch of his crypto hedge fund raised anxiety among some but he tweeted overnight to clarify his bullish perspective…

A lot of digital ink was spilled yesterday to explain the carnage – from Litecoin’s founder selling out to tax bills to government conspiracies to kill the crypto-craze. We remind readers that these kind of collapses are par-for-the-course for Bitcoin…Bitcoin has crashed by over 30% in every quarter since its inception…

 

In fact, drawdowns are very much business as usual…

Perhaps John McAfee’s tweet sums up the day best…

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