Cryptos Are Crashing, Coinbase Offline

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…

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?

Tyler Durden
Sun, 01/10/2021 – 15:33

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