Crypto: Live By Speculation. Die By Speculation
The bear market continues with all the major cryptos deep in the red for another day.
I’d always seen bitcoin as the reserve currency in the space and the destination of choice during a flight to safety from other currencies and assets. Trend graphs show differently. Entire crypto market moving in lockstep with each other. Implying flight to safety is back to fiat, invariably through one of the major exchanges.
So long as fiat remains in situ at an exchange and doesn’t get withdrawn completely, investors and traders can re-enter the crypto market quickly and easily. Once funds are withdrawn however, its a much bigger emotional jump to re-engage with crypto. Making this bear market far more likely to continue throughout the summer with investors only re-entering when the bitcoin block size/segwit debacle has been resolved.