$30 billion in value wiped away in a day? Where did it go? I suspect either the crypto market value is grossly overstated, we just witnessed a wealth transfer from the uninformed masses (shoeshine boy with stock tips) to the informed few (hedge funds, futures traders), or both. Regarding overstatements, remember crypto markets are unregulated. So who verifies or certifies how many “coins” truly exist and the value of each?
I, and perhaps you as well, know people that were proud to tell of all the money they made with crypto currency. I haven’t received their seemingly daily “I’m making more money” updates in a while. Back at $18,000 these “investors” had a “thesis” for the “value” of various crypto currencies. May the understanding and thesis revision continue.
Anybody doubling down now? If so, I’d like to hear the thesis behind such an investment.