Bitcoin crushed again as noose tightens

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Here’s the chart:

The trigger was this:

“Today’s news on Twitter’s ban is likely a significant contributor to the steep sell-off,” said Timothy Tam, co-founder of crypto-market intelligence platform CoinFi. “As new retail investors enter cryptocurrency, a large portion of them are trading on raw emotion.”

Which outweighed this:

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In an open letter to the Securities and Exchange Commission, Chris Concannon, president and COO of Cboe Global Markets, laid out a case for a bitcoin exchange-traded products, citing data and projections that it hopes will alleviate concerns regulators have with such a product.

“While Cboe shares many of the concerns raised in the Staff Letter, we believe that the vast majority of these concerns can be addressed within the existing framework for commodity-related funds related to valuation, liquidity, custody, arbitrage, and manipulation,” wrote Concannon.

Adding derivative channels to a pointless and worthless ponzi scheme bubble. What could possibly go wrong?

BTC is in the process of being shut down. It will intensify and BTC will all but disappear. Nations own fiat and they will defend their monopoly to the death.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.