The fall of the crypto-oligarchs
Crypto should be soaring right now. All the conditions are in place for a spectacular rally: abundant money supply, easy financial conditions, and a US administration which is actively pushing crypto with favourable deregulation and the creation of a strategic reserve to boost its price. President Trump has promised to turn the US into “the crypto capital of the planet” — and he appears to mean it.
And yet, after a rally to an all-time peak at the start of October, Bitcoin has fallen hard, shedding some 15% of its value in just the last two weeks. Sharp volatility isn’t unusual in crypto but this pullback has happened at a time when the broader market has either held…
