by Jeff Berwick, The Dollar Vigilante: Just kidding.
The cryptocurrencies have taken a big hit in the last few weeks, however, just as we said they would.
On June 11th, bitcoin stuck its nose just above $3,000 and is currently near $2,377 for a pullback of 20%.
Ethereum, which I warned on numerous occasions had gone way too high, way too fast, touched $400 on June 13th and fell below $200 this morning. On June 26th I wrote, “Vitalik Buterin Death Hoax Brings To Light Risks In Ethereum”. In that article I said how we had been telling subscribers to take profits on all cryptocurrencies, especially the altcoins, and Ethereum. Another call that turned out to be very prescient.
The total market cap of all cryptocurrencies, including bitcoin, hit a high of $112 billion on June 11th and is currently near $82 billion for a loss of 27% in the last month.
It’s interesting being in the financial newsletter writing business. You get a massive amount of new subscribers who all subscribe wanting to know what to buy… right when they should be selling! For this reason, many newsletter writers don’t even tell people to ever sell.
But, I wrote about this exact thing to subscribers recently.
In a recent newsletter to subscribers (subscribe here) I wrote:
BUY OR SELL CRYPTOS?
"I have seen a number of subscribers posting in the private TDV Facebook Group that they are beginning to give up on gold and silver and are thinking of selling and buying some of these high flying cryptos.
That would be the opposite of what I would advise at this moment in time... and I touched on this in the last Dispatch too.
To sell gold and silver to buy cryptos right now would be the worst time in the history of the world to do it. I don’t say that just because gold and silver have been slumping lately... but because the cryptocurrencies have gone parabolic.