While its hard to imagine that people would drive a bus with directly over a cliff…apparently the ability to ignore anything but the fumes of whatever is being breathed has enabled this capability. A cliff is dead ahead and no one wants to stop breathing the fumes that prevent them from thinking, conceiving or concerning themselves with it. Just push the pedal to the floor and disable the brake…that’s the chosen way not only apparently by Central bankers but those trying to front run and evade them…but its clear that the cliff is irrelevant if you are travelling so fast that you don’t even feel when you have gone over it.
I see the bitcoin swan dive as a part of a violent cycle of its evolution as a free market currency and reaction to distrust of the financial elites. But I also see it as a wave in psychology as people start to process just where they have gone and what they have done and that realisation sets them up to exit stage left for all risk assets.
GOOG, MSFT, AAPL, INTC among other big names down. Transports rejected at resistance and lower high, Russell 2K too etc…- lots of conflict in this market
