The warning sign for cryptocurrencies is not so much that they have crashed – Bitcoin is down 50 per cent from its peak last November – but that they have become boring. Bitcoin has suffered many a crash before, yet bottom-feeders quickly rushed into the market and sent the price rebounding. This time around there is little sign of any enthusiastic speculation. On the contrary, a brief rally in March fizzled out as quickly as it had begun. Bitcoin now looks set to plunge below its previous peak of 31,776 reached last July…
Cryptocurrencies face not so much a rapid crash as a slide into nothingness. That a cryptocurrency exchange should want to take shelter in Macron’s France, which is bound to end up regulating it to death, is the biggest ‘sell’ sign yet.
Eulogy made by Ross Clark