by Jeff Berwick, The Dollar Vigilante:
Peter Schill and the Health Ranger are finally right. They were right all along.
The cryptocurrencies have all crashed and are headed towards zero.
It was only a few days ago I commented that almost every cryptocurrency was in the green. Today was the exact opposite.
Cryptocurrencies hit an all-time high of $652 billion just a day ago and on Friday they hit a low of $423 billion for a one day loss of 35%.
They have since recovered to $540 million.
Bitcoin hit an all-time high just above $20,000 on December 17th and recorded a low at Coinmarketcap.com on Friday of $11,833 and is currently just above $14,000.
That means bitcoin has slumped 40% since its high to the low and is currently 30% off its all-time high. Overall, bitcoin has fallen further than the rest of the sector quite dramatically in the last few days.
But, wait, are Peter Schill and the Vitamin guy right? We are only down in the neighborhood of 30-40%.
Bitcoin has actually fallen 30% five times this year already. So, on average, this happens every two months. And, during previous drops it was followed by an increase of 76%, 237%, 183%, 165% and 152% before it dropped again.
Read More @ TheDollarVigilante.com