Cryptocurrencies are getting clubbed this afternoon as it appears The Economist 'curse' has worked once again. This was posted late last night:
If some portfolio managers decide they are interested in investing in bitcoin, its value could climb further—or, at least, there could be a floor to it https://t.co/m4mJbwmzyg
— The Economist (@TheEconomist) January 10, 2021
And that pretty much top-ticked crypto (in the short-term, at least). Bitcoin (BITCOMP) has plunged over $6000.
Source: Bloomberg
Bitcoin is trading notably rich compared to its Stock-to-Flow 'fair value.'
And Ethereum (ETH-X) is down almost $200.
Source: Bloomberg
Will we see the dip-buyers step back in again?
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