Crypto Just Lost $1.1tn But Forbes Noticed Something Most People Missed

What Goes Up, Yada, Yada…

Crypto investors just pulled $1.1 trillion dollars in money from the crypto market over the weekend and Bitcoin has fallen to below $90,000 per coin, suggesting that the Trump crypto boom might be over.

The drop has completely erased all previous gains the currency made this year, tanking 28% in just six weeks, losing $600 billion, even after it’s record high in October.

Read this one too: Bitcoin Drops Below $100,000: Will It Keep Dropping?

Also, stock in Coinbase (COIN) (ooh, that’s a good ticker, they were lucky to get that one) is down 7%, reflecting just general bad vibes overall.

It’s a bear market, which is industry speak for: the cupboards are bare, there’s no more money.

But the big question is why? Why the sudden drop?

Bitcoin? More like SHIT… coin…

Well, like all things stock-related, it’s all about vibes, and currently, the vibes are not good. You see, crypto, bitcoin, and even AI are volatile assets and when there’s even a whiff of uncertainty in the markets, all these assets tend to crash.

And well, we’ve been given a triple whammy of uncertainty over the last few days: Nvidia have a big earnings call coming up that should set the tone for the economy going forward but until then we don’t know so might as well panic.

On top of that, people still don’t know if the Fed will cut interest rates (but do they ever?) exacerbated by the refusal to release October’s job and interest rate data because of the government shut down.

And THEN the third and final reason bitcoin rates are down is that u/stroking_greencandles said it would crash on Reddit and if that ain’t a recession indicator I don’t know what is.

But here’s the crazy thing: Forbes already called all this. They have this thing, right, that when they put someone on the cover as some kind of big shot qunderkind it turns out that they’re not all that. They did it with SBF, they did it with whatsherface from the Dropout.