Bitcoin Bashed, Ethereum Euthanized, and Ripple Ripped a New One

by John Galt
August 7, 2018 20:40 ET

Without editorializing any further about “if you can’t physically hold it, you don’t own it” here is the disaster de jour in Crypto-land from Coindesk:

SEC Delays VanEck-SolidX Bitcoin ETF Decision to September

After Facebook Lite, aka, the Winklevoss losers got rejected, this decision indicated to the “markets” that maybe, just maybe, the warnings many of us have been projecting about cybercurrency and government over-regulation may be true. Just because the SEC rejected this application it does not mean that an ETF won’t suddenly get approved. In the interim however, it would appear that the SEC is hesitant to approve any exchange traded fund in this instrument because they are not sure how to tax, fine, oversee, or issue regulations for an international flow of bits and bytes.

The reaction was a quick Bitcoin Bashing (all charts courtesy of Investing.com):

While this wasn’t the worst arse whooping BTC has received, the long term chart for this instrument is not pretty:

Another popular speculative cybercurrency is Ethereum and I think we can officially say “it’s dead Jim” now based on this price action:

This is consistent with the big money quoting Eric Cartman saying “screw you guys, I’m going home.” The long term chart reflects it:

Then again, there is the sweetheart of 2017, Ripple. It was supposed to be the Six Million Dollar Man of cybercurrencies; stronger, smarter, better, faster. Today, it was definitely faster going down:

Long term, it’s going into Pet Cemetery mode as a dead barking dog trying to get back above ground zero from where its rally started:

What does all this mean? It means that we could be, might be, or worse at the start of the great ETF meltdown which I warned about in 2011. Regardless, the speculative instruments on the edges of markets like emerging markets, cybercurrencies, credit derivatives, and real estate adventurism are beginning to melt down ever so slightly. If President Trump fails to cut a deal with China by the first to middle of September he might not only lose the November election, but the economy and as a result, the world as we know it.

P.S. – Since I started writing this article over 30 minutes ago, the markets have lost even more with BTC down below $6600; the Asians are panicking and the world can see it. Buyer and seller beware.

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