Ethereum crashed below support. Let's discuss much of the crypto space including Bitcoin, Dogecoin, and coins allegedly staked 1:1 to Ethereum.
Ethereum chart courtesy of StockCharts.Com annotations by Mish
Liquidity Driven Bubble
The same forces that drove the stock market to insane levels are precisely the same forces that propelled the entire crypto space, even more so.
ARKK Innovation Fund
ARK Innovation Fund chart courtesy of StockCharts.Com annotations by Mish
Same Forces Driving Crypto as Stocks
Three rounds of free money fiscal stimulus
Eviction moratorium
$9 trillion in QE driving interest rates to zero in 2020
The Fed continuing QE all the way through March 2022
In short, the blowoff in the crypo space and the stock market was a liquidity driven event.
Tune Out the Fud
Here's some friendly advice on how to tune out what I just stated.
Self-Reinforcing Feedback Loops
Duo Nine has a nice 13-chain Tweet Thread complete with self-reinforcing feedback loops so you only hear...
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