Since peaking in early October, the market cap of all cryptocurrencies has slid from a $4.3 trillion peak to about $2.3 trillion today:
Following a series of massive liquidations, crypto has erased $2 trillion in market cap since October. (Source: Kobeissi Letter)
In comparison, gold’s 9% haircut last Friday wiped out a similar $2 trillion valuation.
We forecast markets would hit historic highs before getting chopped in half. Bitcoin and cryptos as a block are leading the way early in the year.
We’ll be talking to Mark Jeftovic tomorrow about tge big pops and drops lately and how to play them. The price action at the top is a feature — not a flaw — of this “Most terrifying bull” market.
~ Addison
P.S. Mark Jeftovic’s joining us at a special time this week for Grey Swan Live! — Friday, February 6, at 2 p.m. ET. He’s going to help us unpack a set of signals in crypto and Dollar 2.0 digital assets that rarely appear at the same time — and almost never by accident.
Mark will walk us through what’s happening with bitcoin, and what to expect next when capital, policy, and power start pulling in the same direction. Fascinating stuff!
