Crypto has Tulipmania hallmarks, but there's an institutional case: At the Open

The crypto space is looking a little woozy this morning after Elon Musk's Twitter battle over the weekend whipsawed coin pricesBitcoin (BTC-USD) is down 10%, but off earlier lows after Musk clarified that Tesla hasn't sold any of its $1.5B in bitcoin holdings.Independent research and strategy firm T.S. Lombard says cryptos look bubbly and "cryptomania" has all the hallmarks of classic speculative mania."Bitcoin is only worth what somebody else will pay for it," Dario Perkins, T.S. Lombard MD of global macro writes. "In this sense, there are obvious parallels with previous financial bubbles, especially Tulipmania in 17th century Amsterdam."The Dutch bubble also occurred during a pandemic and while records are "sketch," the Netherlands was hit hard by a plague from September to November 1636, right before tulip prices went "exponential," Perkins says."One popular narrative blames excitable Dutch merchants who had nothing better to do than sit around in taverns bidding