Cryptos: Welcome to the “Lunatic Fringe”
A crypto hedge fund going all the way down to $0 is one way you know it’s “a Grand Supercycle peak”
by Bob Stokes
Updated: July 14, 2022
The bankruptcy of crypto broker Voyager Digital has been widely reported.
Now, another crypto investment "bites the dust."
This time -- it's Three Arrows Capital (3AC) -- a crypto hedge fund which went from "$10 billion to zero."
Here's a July 12 headline (Bloomberg):
Three Arrows Co-Founder Re-Emerges With Tweet Accusing Liquidators of 'Baiting'
The entire crypto market is down by more than $1 trillion since April.
Of course, Bitcoin is a big part of the crypto universe and its big decline since its November 2021 high of $68,906 has contributed substantially to that drop in the overall crypto market.
Bitcoin dropped all the way to $17,614 just in June.
And, speaking of Bitcoin's top, our November 2021 Elliott Wave Financial Forecast said this just five days before that top was hit:
Last month, the Elliott Wave Financial Forecast listed some of the many bull market milestones produced by cryptocurrency bulls over the course of 2021. This is the lunatic fringe of a Grand Supercycle peak...
So, the decline of Bitcoin and the implosions in the world of crypto were not surprising to our Elliott Wave Financial Forecast analysts.
Our Elliott Wave Financial Forecast continued to provide updates on the world of crypto, including the February issue in which this chart and commentary were provided:
The Squid Game, a crypto coin based on the TV show of the same name, was another noteworthy issue EWFF covered at bitcoin's peak, as it had already crashed... It then rallied to November 6, and this updated chart shows what happened after that; another 97% decline. But get this: The Squid Gamers are still bullish.
As of this writing on July 12, Squid Game crypto is trading even lower than it was in February.
The question now is: What's next for crypto investments?
Get ongoing coverage of the crypto world by following the link below.
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