Cryptos Are Crashing, Coinbase Offline

Update (1540ET): The Dip-buyers stepped in at $35k…

Notably, Coinbase – the largest crypto exchange – is currently offline (for the second time in 3 days).

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Cryptocurrencies are getting clubbed like a baby seal this afternoon as it appears The Economist ‘curse’ has worked once again.

This hit late last night…

If some portfolio managers decide they are interested in investing in bitcoin, its value could climb further—or, at least, there could be a floor to it https://t.co/m4mJbwmzyg

— The Economist (@TheEconomist) January 10, 2021

And that pretty-much top-ticked Crypto (in the short-term at least)…

Bitcoin has plunged over $6000…

Source: Bloomberg

Bitcoin is trading notably rich to its Stock-to-Flow ‘fair value’…

Source

And Ethereum is down almost $200…

Source: Bloomberg

While these moves are massive on a standalone basis, the plunge only takes them back to levels seen late last week.

Will we see the dip-buyers step back in again?