Led by Bitcoin, the cryptocurrencies are breaking down.
After experiencing a months-long boring wedge formation, things have finally gotten interesting again for Bitcoin, et al.. Unfortunately for the HODL'ers, it's to the downside:
Seen in closer detail in the next chart, it looks like Bitcoin is now seeking a 4-handle next [Update: Bitcoin dropped below $5k an hour after Chris finished writing this article]:
The damage is widespread and across the entire crypto space:
Last December, the crypto universe had a collective market cap of some $880 billion. As of today, that stands at just $160 billion.
That an 80%+ vaporization of value in less than a year
Put another way: that means there’s still $160 billion of remaining market cap still at risk.
As prices spiked last year, we read media stories about how people were buying Bitcoin with their credit cards. Some were so reckless as to take out mortgages to fund their participation in the Bitcoin mania:
People are putting their homes at risk to buy Bitcoin
Dec 12, 2017
Bitcoin keeps soaring higher. And people have started to do creative things to get in on the action.
Some have even taken out mortgages to buy Bitcoin, while others are purchasing the cryptocurrency with credit cards, a securities regulator told CNBC on Monday.
"We've seen mortgages being taken out to buy bitcoin.
by robie-robinson-2 
