Bitcoin Bubble Bursts as Binance Crashes

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Oh crypto geeks haven’t you had an exciting year? With recent news that even accountants and auditors at mega-crypto financial firms have suspended their work vouching for “reserved assets” – i.e. hand waving around indicating value – and more d ‘uber-entrepreneurs in the field are now being exposed as mega-frauds, it’s hard on crypto-loyals.

From the BBC:

The collapse of FTX last month was the biggest shock to crypto in years. It was the second largest stock exchange in the world – the entry point for millions of people to access crypto. It was considered one of the most trusted platforms, but flopped into bankruptcy days after its finances turned unstable. FTX founder Sam Bankman-Fried is currently in custody, accused by the United States of having built “a house of cards on the basis of deception, while telling investors that it was the one of the most secure buildings in cryptography”.

The main star of the cryptocurrency craze, Bitcoin, hadn’t benefited from market frivolity this year even before the collapse of FTX and it’s worth (sic) looking again at the trajectory of the tulip if you are still planning to buy your loved ones a piece or two for Christmas:

A year ago, Bitcoin was trading nearly three times as expensive at nearly $45,000 per coin, instead of the sub-$17,000 number it wallowed in for most of the second half of this year. .

Ethereum, Bitcoin’s main competitor, is in a similar position, dropping from $4,000 to just over $1,200:

It’s classic bubble graphics, near textbook perfect, with a return to pre-bubble launch points, the most likely end game.

In fact, I’m sure many books will be written about this speculative phase of cryptocurrency evolution. Whether or not he can adapt to the next phase is a known unknown.

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