This post is by Roger Nusbaum from Random Roger
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The weekly Market Update is up at Alpha Baskets and includes the following;
Bitcoin had a bit of a tumble last week down as much as 10%, trading in the $6500’s for a time on Friday before snapping back to $7000 over the weekend. The cryptocurrencies continue to be fascinating on several levels including what seems like compressed bull and bear market cycles, it was up over 1000% in about a year, YTD in 2018 it is down more than 50%. If it turns out to go poof (not a prediction on our part) then the hindsight bias will come from all corners pointing out it was never backed by anything, never tied to anything, it was simply created and started trading. Despite the large YTD decline though it is tough to finds signs of panic. Depending on your Twitter feed, the people who were skeptical at $19,000 are probably
skeptical today and there is still plenty of bullishness to be found, at least on our Twitter feed. Against that backdrop, there would be nothing surprising about another 50% move in the price in short order, regardless of direction.
And from my page at TheMaven;
The downside of falling in love with a stock.
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