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The Bit Coin space is in the throes of a catalytic event. Realtime and earth-shattering AI players have caused a deep fissure in the Coin of the Realm – todays Tulip. Currently Ethereum is trading at $989 down from $5000. Bitcoin is off 70% from its peak. What goes?
According to our Bowmar, this works out to an 80% hatchet job for the once high- flyer Ethereum. Not to be left behind is Bitcoin breaking through the $20,000 ceiling on the downside. There is no stopping the calamity here. All bets are called off in this heart stopping inversion. Could Global Warming be the cause?
Crypto weekend meltdown: Bitcoin price touches $17k, Ethereum below $900 as renewed selloff sends prices spiraling
(Kitco News) The crypto space faced another sharp selloff during the weekend as Bitcoin plunged below $18,000 and Ethereum dropped below $900.
The overall crypto market cap plummeted to $847 billion, down nearly 10% on the day. Bitcoin touched $17,677, the lowest level since November 2020, and Ethereum fell to a low of $893, the level last seen in January 2021.
“Bitcoin appears to be hanging on for dear life as cryptocurrencies remain in meltdown mode. The worst week since the early days of the COVID pandemic has widespread crashes across Bitcoin, Ethereum and Dogecoin,” said OANDA senior market analyst Edward Moya.
At the time of writing, Bitcoin was at $18,633, down 74% from its November all-time high of $69,000, and Ethereum was at $948, down 81% from its November all-time high of $4,878.
The initial trigger behind the massive crypto drop in June was the macro environment. First, a surprising hot inflation number from May caught markets off guard, followed by a 75-basis-point hike from the Federal Reserve on Wednesday – the biggest rate increase since 1994.
In times of distress, uncertainty and global friction, GOLD has always been and always will be the INSURANCE one needs to survive. Through the ages, GOLD has been a storer of value, Fiat currencies have never withstood the TEST of TIME
The welfare-warfare state
No doubt many Americans convinced themselves that once the crisis or emergency was over, federal officials would restore their gold-coin, silver-coin standard. It never happened. Federal officials were able to use their new paper money standard to finance the ever-burgeoning expenses of the welfare-warfare state way of life that FDR was introducing to America.
Gradually, as a result of the debasement of paper money from ever-increasing inflation of the money supply, silver coins were driven out of circulation. Today, while Americans are once again permitted to own gold (at least for now), the official money of the American people remains paper money, notwithstanding the express terms of the Constitution.
With his gold-confiscation scheme, FDR taught Americans a valuable lesson: Emergencies and crises are the time-honored way that people are induced to sacrifice their rights and liberties at the hands of their own government.