Stuff That Interests Me

With the entire crypto sector crashing – I thought I should give you some thoughts on bitcoin this morning.Needless to say, it’s not pretty.At all.Faith in crypto has been battered, in most cases, quite rightlyThis time last year, bitcoin went on one its monster runs above $60,000. It then had one of its monster crashes. I can’t remember if it was in Moneyweek or on Twitter, but somewhere I suggested that a reasonable target for the correction might be $20,000. $20,000 was the old high from the 2017 boom and bust and an obvious pivotal price point.But the correction stopped at $30,000, or just below. The conclusion I drew – and on current evidence wrongly drew – was that, as bitcoin matured, its volatility was declining. The 90% corrections of previous bull markets were now 50-60% corrections.Bitcoin had a second run above $60,000 in the autumn, followed by another of its humongous corrections, and lo and behold, $30,000 held again (actually just below, but I use r