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Bitcoin Bombs (again), Will Stabilize at 9500

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

I’ll repeat what I’ve always said: cryptocurrencies are a solution in search of a problem. Now that FB has started pushing the Libra concept on the world (causing even the POTUS to comment at length on it, declaring that crypto is “backed by nothing and is made from thin air” – – similar to, oh, say, the United States dollar bill) my puzzlement over crypto-fascination is even greater. I keep asking myself: am I just too dumb to get it? Or is Zuck just trying to push another moneymaking scam on the hapless people of Earth?

Liquidity moves markets!

Follow the money. Find the profits! 

In any event, every crypto has turned tail, with losses of about 35% in the span of three weeks being typical. Sound stable enough for a currency to you?

Bitcoin, the leader of them all, hit its 61.6% Fibonacci level before exhaustion. If the Fibs continue to hold sway, I suppose it will find stability (if we may use such a lofty term) at about $9500.

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