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Cryptos Are Crashing, Coinbase Offline

Tyler Durden's Photo
by Tyler Durden
Sunday, Jan 10, 2021 - 15:33

Update (1540ET): The Dip-buyers stepped in at $35k...

The $35k to $38k strike level also happens to dominate options open interest...

Notably, Coinbase - the largest crypto exchange - is currently offline (for the second time in 3 days).

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Cryptocurrencies are getting clubbed like a baby seal this afternoon as it appears The Economist 'curse' has worked once again.

This hit late last night...

And that pretty-much top-ticked Crypto (in the short-term at least)...

Bitcoin has plunged over $6000...

Source: Bloomberg

Bitcoin is trading notably rich to its Stock-to-Flow 'fair value'...

Source

And Ethereum is down almost $200...

Source: Bloomberg

While these moves are massive on a standalone basis, the plunge only takes them back to levels seen late last week.

Will we see the dip-buyers step back in again?

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