iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,609 Blog Posts

MARKETS DISLOCATED; CRYPTOS EXPLODE ON CHINESE CAPITAL FLIGHT RUMORS

This is not a new paradigm. The entire run up in BTC during the 2016 melt up started when there was significant capital flight out of China. Do you remember that?

It should come as no surprise to see the Yuan weaken against the dollar.

Bear in mind, during market pullbacks, all of the worst news and rumors come to surface. Most of it is bullshit and the chances of Bitcoin supplanting the dollar are exactly zero. But even during the Oct-Jan 2018 market rout that so many of you were mocking last week and the week prior — that shit lasted 3 months. Are you prepared for an extended move lower and possible retest of those lows?

Can’t happen?

Why not?

The Dow is -600.

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One comment

  1. cancel19

    One can almost hear the “Biconnect! Guy” in the not too far distance.

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    • 0 Deem this to be "Fake News"