Crypto Market Retracing

By | Jun 03, 2019

Crypto Market Retracing

The crypto market slowly fell apart this afternoon as recent repeated attempts to break through $9k have failed. Virtually every Top 50 coin is lower tonight – most down 5-10% or more – except for a few isolated coins.

Bitcoin SV & Cosmos are the only two major coins still in the green. One thing I find pretty humorous is the fact Bitcoin SV is now the number 8 in world rankings behind Binance Coin at number 7. The coins are currently separated by about $400 million in market cap. Funny, because Binance Chief CZ ousted SV from his exchange over extreme pettiness; there’s no other way to say it.

In crypto, talk is oh-so cheap. In real markets, it would be heresy for an exchange official to take sides about a currency, stock, or bond. Totally & utterly unthinkable. But this is crypto: and it’s kind of a to-heck-with-authority-darnit-we’re-in-charge mindset both amusing & adolescent.

The good news is the adults are coming to the – I wouldn’t say rescue – but they’re coming.

You have Bakkt, also know as the New York Stock Exchange; you have CME, also known as Chicago Mercantile Exchange; you have Fidelity, also known as Fidelity. Let me know when one of those exchanges steps in to pick winners and losers for you. It’d be a first if they do. But don’t worry: it will never happen.

2019-06-04T16:01:26-05:00June 3rd, 2019|

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