by Jeff Berwick, The Dollar Vigilante: Just kidding, again.
We are continuing to see bitcoin and most other cryptocurrencies sell-off, however, just as we said they should and would do after such a parabolic spike higher in the last few months.
Bitcoin has fallen the least of the major cryptocurrencies… again, just as we said it would. It has fallen 26% from its high 34 days ago.
Ethereum has fallen 51% from its high 30 days ago, also as we expected. I told subscribers to sell Ethereum near $400… it is now below $200.
What many don’t know is that this summer will likely be an incredibly volatile time for all the cryptocurrencies. Bitcoin has actually improved its speed and transaction costs dramatically in the last few weeks but that is likely temporary until a more permanent solution can be introduced. And we are still very, very far from consensus on how to improve bitcoin.
Numerous hard and soft forks are all competing and coalescing around an August 1st deadline.
We could see a lot of panic selling if things get messy. And if things don’t get messy and are solved in way that is perceived by the majority to be a major improvement to bitcoin, we’ll likely see a big spike in buying.
Stay tuned to The Dollar Vigilante’s Youtube channel as we’ll be interviewing Roger Ver to get his take on what may or may not happen in the next few weeks. And, as we usually do, we’ll release this video to subscribers first so they get the first opportunity to act on the information.
As well, in our last issue of The Dollar Vigilante newsletter we went over a lot of the possibilities and how to protect yourself from possible loss if a hard fork is implemented. You can subscribe here to access that information right now.
When it comes to the other cryptocurrencies, the other side of almost every transaction is bitcoin. So, a sudden drop or rise in bitcoin will have major repercussions for the value of the other cryptocurrencies.