Cryptocurrency is in the news a lot; my lack of commentary is reflective of laziness, not dearth of events. The latest combines, inevitably I think, with politics. Reuters reports from the Middle East:
NEW YORK, Oct 13 (Reuters) – Following the largest crypto liquidation in history last Friday, options market investors are bracing for more volatility and further declines in bitcoin and ether, aggressively positioning in trades that offer protection against another potential freefall.
Market participants said the crypto sector on Friday saw more than $19 billion in liquidations across leveraged positions as panic selling and low liquidity triggered sharp swings. The plunge came after U.S. President Donald Trump announced late on Friday a 100% tariff on Chinese imports and threatened export controls on critical software.
Crypto analysts said this was the largest wipeout in a 24-hour period in the market’s history, nine times larger than the February 2025 crash and 19 times bigger than the March 2020 meltdown and the FTX collapse in November 2022. [Reuters]
My goodness. Long-time readers may recall this anonymous observation made upon the launch of $TRUMP by the now-President:
CNN noted that the release of the meme coin had raised “serious ethics concerns,” but those who participate in the industry were less gentle. One wrote: “Trump’s sh*tcoin release has caused possibly the greatest overnight loss of credibility in presidential history. He made $60B. Great for Trump family, terrible for this country and hopes we had for the Trump presidency.”
Fulfillment of the ominous prediction? Well, we’ll see. It may turn out to be a blow to DJT’s “treasury” of cryptocurrency; a bit of a knee delivered to the President’s reproductive equipment. With his own knee.
Or, if he’s just into chaos, then it’s not so bad for him.
Or does he consider other mega-billionaires to be ‘competition’ for a place next to God in his prosperity church? And that was a blow against them? Sounds like madness?
Welcome to the club.
