The Narrative Bubble Loop

As I write this, the price of Ethereum has just dropped below $200, which is about 20$ lower than it was a year ago. Its gains against fiat and Bitcoin have–for the time being–been wiped out. Clearly, the wild rise in Ethereum (reaching a peak of over $1400 just nine months ago) and the crypto markets as a whole was, as many predicted, a speculative bubble.

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