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Dogeball

This is a syndicated repost courtesy of Slope of Hope – Technical Tools for Traders. To view original, click here. Reposted with permission.

It’s another boring morning, with one exception – – one glance at CryptoStream will show you one localized meltdown.

Whenever the crypto kooks start running around trying to outdo each other with just how high Bitcoin will go (“$100,000!”, no, “$500,000!”, no, “a million!”) you know a turn is at hand. In a matter of days, a full 25% of Bitcoin’s “value” got erased. Of course, the crypto kooks will (correctly) point out the many drops in the past, none of which amounted to anything.

The most ridiculous zealotry lately was around Musk’s beloved Dogecoin. Does anyone actually believe that a currency that plunges nearly two-thirds in value in the span of four days will ever represent either a means of transaction or a store of value? I don’t.

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

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