Good Morning! Wall Street's bankers are out of the office again thanks to another Covid wave. It's also badly affecting Pret A Manger sales (popular lunchtime spot). They may want to consider moving locations to Texas, like construction vehicle giant Caterpillar, who's heading to the Lone Star State from Illinois. Things keep getting worse for MicroStrategy who YOLO'd all its money into bitcoin, borrowed money then also YOLO'd that money into bitcoin. Price of bitcoin is approaching $21k, level at which the company said it could face a margin call (thots & prayers). Fisher-Price is in deep trouble too, as they were issued a stern warning by the govt for its rocking chair for babies that has caused at least 13 reported deaths.
As promised, please find the Top 30 Wall Street Intern Stories here.
The perfect storm has hit crypto. Between the recent blowup of Luna, high inflation and rising interest rates, investors are spooked and looking to move out of the riskier and more volatile asset classes.
Most recently, crypto lending platform, Celsius, announced it was pausing all withdrawals, swaps, and transfers between accounts because of extreme market volatility, and the crypto market took a nose-dive on the news.
While smaller currencies are getting wiped out, even the big boys of crypto are bleeding. Bitcoin is down 69% from all-time highs and Ethereum is down 76%. Bitcoin 'Fear and Greed' Index has dropped to 7 – Extreme Fear.
Even die hard HODLers are feeling the pressure according to strategists at Glassnode. They track the average purchase price of all Bitcoins in circulation, aka the realized price. Bitcoin is currently about $1,000 below the current realized price of $23,430 – the whole market is underwater.
Coinbase is also feeling the storm, but for them it's more of a blizzard. The company is laying off roughly 18% of its workforce, or about 1,100 full time jobs. CEO Brian Armstrong said managing costs will be critical in the face of a possible recession leading to a "crypto winter."
Short Squeez Takeaway: If you've ever watched Discovery Channel, you know that the deeper underwater you go, the darker it gets, and the more pressure you feel. If Bitcoin doesn't find a way back above the surface, it could continue to sink and get even tougher to get back out, as people will feel pressure to unload and salvage whatever value they can. The problem is, given the current macro environment and outlook, it's tough to see where the life preserver for crypto is.
Equity markets mainly traded sideways in anticipation of some big rate hike news this week, but crypto couldn't even fake confidence, and fell.
Movers & Shakers
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Source: Seth's Blog
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