There currently is no impending doom or scandal, more or less cryptocurrencies are working fine, except BTC. Suddenly BTC users find their transactions stuck and Binance pausing withdraws as BTC has predictably shit the bed with their clogged chain and sky high fees.

So for no other problem than BTCs inherent well known dysfunction and lack of usability how does the crypto market react? It dumps 10% across the board, wiping $120B of the total crypto market cap. But surely, BTC fell more than that, being the source of the problem and only affected? No, BTC just fell 2%.

This is patently absurd and irrational to the Nth degree. Imagine the stock of a bancrupt company falling less than the overall market on the news of the bancrupcy… I dont think this has ever happened. But beyond that, why would valuations be affected at all? BTC being broken and unusable isnt new, it is well known…

The crypto market is broken, kaputt, useless. Beyond redemption. Valuations dont matter and the prices are made up. It is either rigged, the people trading in it are functionally brain dead or it is bots written incredibly poorly, or all of the above.

A valuation ultimately should be a reflection of success or failure. In crypto, this is not true. BTC is never held accountable for its failures by the market, and as a direct consequence, never adresses its failings.