Ethereum’s Latest Folly

Standard Chartered, ever eager to find a narrative, suggests a further descent to $1,400 before a – one assumes – equally improbable rebound. The current price of around $2,000 merely confirms the obvious: that one is purchasing hope, not value. The sinking fortunes of cryptocurrency exchange-traded funds, and the considerable number of investors currently ‘underwater’, are politely ignored, as if mere inconvenience. Recovery, it seems, is contingent upon the Federal Reserve’s benevolence – a prospect about as likely as a sensible regulation.





