The tail is wagging the dog as the crypto rout sparks a broad flight to quality
19 May 2021
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Reports of outages at Coinbase and Binance

Imagine not being able to make a trade right now?
There are reports of outages at Coinbase — no doubt adding to the panic in bitcoin. The low print so far was exactly $30,000 and that is as good a place for a stand as anywhere. I suspect it will bounce from there. Nothing moves in a straight line forever, not even crypto. As I wrote earlier, traders trade. If this latest leg can be blamed on an outage, people will be buying the dip. Historical drops around outages are quickly bid up.


I also expect it will stabilize and reverse in very short order. There might be a tiny wealth effect but there are no systemic risks from crypto.