Cryptocurrency
Cryptos are a big joke, says financial analyst Wolf Richter via @MarketWatch
As reported by MarketWatch, “The crypto retreat continued Monday with all major coins beginning the trading week in the red, as the disastrous September shows no sign of receding. It’s against this backdrop that criticism of the still untested market — this time from closely followed analyst Wolf Richter — bellows. “Bitcoin, the worlds biggest […]
As reported by MarketWatch, “The crypto retreat continued Monday with all major coins beginning the trading week in the red, as the disastrous September shows no sign of receding. It’s against this backdrop that criticism of the still untested market — this time from closely followed analyst Wolf Richter — bellows.
“Bitcoin, the worlds biggest digital currency, crept back towards its 2018 low, trading to $6,120.31 on Saturday, its lowest level in nearly a month …
“… The crypto rout has wiped nearly $50 billion off the total value of all coins in less than five days, and at least one financial blogger has called into question the integrity of the market. ‘Because cryptos are decentralized, everyone can create their own, and all kinds of outfits are mining new units of existing cryptos. It’s really just a big joke,’ wrote Richter, of the Wolf Street financial blog.
“’But people are losing large amounts usually expressed in their hated fiat currency. The pain is real. And the numbers are big,’ he added.”