Morning Report: The hype is still hot, but cryptos are taking a breather. A more than ten billion dollar breather.
From their market cap highs set last Wednesday, cryptocurrencies are off more than 15 percent. The dip comes after a historic run that drew ample media attention, fresh tracts extolling the future of the crypto market, and encouraged true believers.
The aggregate value of all bitcoin, litecoin, ripple, and ethereum, along with hundreds of smaller coins, reached more than $91 billion last week, according to CoinMarketCap. Today, the sum is a more modest $76.95 billion. The 15.6 percent decline works out to more than $14 billion in erased value.
Sticking close to CoinMarketCap’s dataset, here’s the year-to-date chart, with patented Crunchbase News technical analysis for you trading fanatics:
We are back in a bitcoin boom. You can tell because people are tweeting out adorable notes discussing how if you had only invested $1,000 in this crypto or another back when it was 19 minutes old, you would have several quadrillion dollars today. And you can see how likely and practical a trade like that is by the sheer number of new and liquid billionaires dancing around the crypto space.
Sarcasm aside, you and I do not know how long the current bitcoin bull cycle will last. There will be a correction, if this isn’t it, that will implode the weak and kneecap the strong. Just like the last time. But the true believers were right after the last bust, to their credit, that we’d be back here again.
We’ll bring you any big news from the space. For now, remember a 401k doesn’t make you boring and saving money the normal way still works.
From the Crunchbase Daily:
Android creator unveils Essential phone
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Swiggy raises $80M
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Startups carve out new niches in on-demand space
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- Shares of Alfa Financial Software traded up more than 30 percent last Friday after the financial services tech shop went public on the London Stock Exchange.