"Money flowing out of the cryptosphere is a big sign of his anticipated defeat." I don't follow. As far as I can tell, crypto's plunge is part of the wider concern about economic recovery. Investors depend on low interest rates to be happy (which is not how it should be, but that's how it is when it's used by the state to artificially stimulate the economy), and a fear of recession translates into a lower likelihood that the Fed will cut interest rates back down again to fake happiness levels. And economic uncertainty is bad for incumbents. |