Editor's Note: Below is a brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more about the Early Look.

For those of you who don’t know who he is, Jed McCaleb is one of the big players in the young history of crypto who crushed it. He created Mount Gox and also became the CTO of Ripple in 2013.   

When Bitcoin was in what we called bubble territory (DEC of 2017), McCaleb’s Ripple stake put him in the world’s Top 50 richest people. That’s an incredible achievement. As a capitalist, I salute his success. 

Crypto’s headline price (Bitcoin) crashed to its YTD lows yesterday. That takes its epic decline to -66% from where people were pumping and dumping it in 2017. For those who bought it up there, they only have to be up +194% to get back to break-even.

CHART OF THE DAY: The Epic Bitcoin Crash - 06.12.18 EL Chart

CHART OF THE DAY: The Epic Bitcoin Crash - early look