Bitcoin Loses All Support – Crashes Through 9,000 – Crypto Losses Approach $400 Billion From Highs

The recriminations are going to be surreal — a green investor class with zero experience and ability to sustain losses — leveraged to the hilt through credit cards and second mortgages — sold on the idea that Bitcoin and other cryptos would trade higher forever — are now under siege — getting ripped from lion to limb in broken elevator trading action akin to what equity traders bore during the 2008 market crash — only this is happening with decentralized, non-regulated, alacrity.

I do not poke fun at anyone enduring loss, but merely find it interesting when a nonsensical narrative falls apart. Bear in mind, I too got sucked into this trade, but with only a very small amount of iBC assets. My plan was and still is to dollar cost average over the next 12 months. I will be making some cheap purchases for the month of February, perhaps even cheaper ones in March.

With the crypto market cap now at just $420 billion, total losses from crown to root now approach $400 billion, aka real money. This is AIG bailout type money, Citigroup government emergency bailout at midnight type money.

The ramification will be deflationary and we should expect volatility to increase, as HODLers run for dear heavens into the comfort and confines of the US dollar.

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via Trading with The Fly

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