Crypto market finally dying and about to implode

Well, the tulip bubble could only last so long, until there were no more fools rushing in, and as the stock market took a dramatic decline this week, soon behind it, the Bitcoin and the crypto market had a sharp alteration that set off all the alarm bells for the analysts. Among the major red flags this week, were more drama from Bitfinex and Tether. Rumors have been flying around of liquidity problems with Bitfinex, and the fact it may not even have banking facilities at present, hopes they are striking a deal with HSBC and then the news they have suspended all wire deposits in hard currency for maybe up to a week, while still denying any liquidity problems. Add to that a massive exit of $100 million in Tether tokens from the exchange to unknown addresses. Now that is never going to spook the market, is it?

On hand to drive the nails in the crypto coffin, the analyst known as Doctor Doom, Nouriel Roubini was attending a US Senate hearing about crypto. Roubini, who this week described Vitalik Buterin (founder of Ethereum) as a dictator-for-life, and compared the control of mining concerns over the market as worse than North Korea. Then there was a report from Juniper Research this week that declared that after 11 months of decline, the crypto market was an industry on the brink of implosion. And another independent re…

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