Crypto crash gets worse, Stocks coiling or about to crack?
Amaris is home, healthy and happy. What a relief.
And since that also means that I won’t be driving back and forth 180 to Albuquerque and spending some nights in the hospital with her, I will be able to do another Livestream Q&A Chat finally. Let’s plan on doing it at 12pm ET tomorrow. You’ll be able to watch it on the Facebook Trading With Cody page and on my YouTube Channel. I’ll also take questions over the phone on our conference call line (Dial-in: 641-715-0700 Access Code: 709981), in the Trading With Cody chat room or just email us your question to support@tradingwithcody.com.
On May 10, I wrote a report for Trading With Cody subscribers called Why cryptocurrencies like bitcoin are about to crash again and in it, I wrote, “a contrarian might conclude that cryptocurrencies are ready for another swift whoosh down to counter the hubris of the longs/bulls/crypto traders that is clearly dominant once again.”
Since that day, just 30 days ago, Bitcoin has fallen 35% and most cryptocurrencies are down 50% or more. And yes, since I published The Great Cryptocurrency Crash book and have been giving speeches around the country warning people not to buy cryptos right now, every major cryptocurrency is down 70% or more from their all-time highs a few months ago.
And you want to see how ugly it’s gotten today alone? There isn’t a single cryptocurrency in coinmarketcap.com’s “Top 100 Cryptocurrencies by Market Cap” list that is up today. 100 for 100 are down and most are down 10-20% today alone. Take a look. The first image below is a screenshot of that list sorted by biggest winners today and the second is a screenshot of that list sorted by the biggest losers today:
Remember, that I am a firm believer in the future of cryptocurrencies (probably including bitcoin and Stellar Lumens) but this crash has to wash out all these crappy and/or scammy and/or silly cryptocurrencies that have hit the market and created/leveraged this crypto bubble that is now popping.
Meanwhile, boy aren’t those stock markets trading flat lately. Are they coiling? Are they creeping higher? Or ready to crack again?
Look, I’ve got some stocks I want to nibble, a couple new ideas I want to start buying and probably a new short idea or two. But as usual, I think it’s very important to be patient and not rush and do our homework and then do more homework and research and analysis and I’m doing it.
Stay tuned, stay careful!
