Whatever You Do, Don’t Ignore Friday’s Selloff
Submitted by QTR’s Fringe Finance By 1PM Friday, the Nasdaq was already down roughly 3.3%, and suddenly the same crowd that spent the last few months explaining why valuations don’t matter is asking what is happening. Bitcoin has also been taken behind the woodshed, crashing to around $60,000. Depending on where you’re measuring from, that’s a brutal decline in a remarkably short period of time. It’s down about 42% over the last twelve months. And it’s becoming clear that bitcoin bulls all have breaking points. And I don’t want to sound like a d*ck, but frankly, none of this — the market tanking, or how it’s happening — is really surprising. I’ve written for years that I think crypto is the tip of the risk-on spear. It tends to be the first asset class investors pile into when liquidity is abundant, speculation is rampant, and everyone is convinced they’re smarter than the market. It’s also frequently the first thing to crack when risk appetite begins to fade. So I’m not terribly surprised that after bitcoin started …






