Build Back Better sounds more like "Beaten Black & Blue" right now..
Taking a detour from regular Tuesday AI/Big Tech writing schedule today as I cannot help but stare at the ongoing capitulation in financial markets!
CT (Crypto Twitter) is in panic mode! I can’t help but to refresh charts (so unhealthy), can’t focus on other things.
According to Market OG’s like Bill Blain:
“the summer somnambulance should be upon us – investment desks and traders sitting back to watch their carefully composed portfolios and positions cruise through the summer before the markets get hot again in September.
Not this year. Too many fundamental tremblors threaten to rock the markets:
Inflation, Inflation, Inflation
Supply Chains, Covid and China
Europe and the ECB
Recession/stagflation
War vs Jaw
Central Banks tightening
Stock Resets and Earnings
Bond Market Meltdown
Global Trade Reset and De-Globalisation
The US, The Dollar and Trump
I predict a stormy Q3 – the usually calm languid dog-day markets of July and August being replaced by lumpy seas of bad numbers, grey storm skies as markets struggle with the acceleration of negative news-flow on inflation, corporate earnings, markets and increasingly wobbly politics, and few sharp pointy rocks of financial destruction.
It feels like we are spiralling into something messy.”
Crypto markets (BTC) has been slammed into low $21k overnight and currently sitting at $22.5k as of writing. Not helping the carnage was the systemic issues emanating from Celsius and Binance yesterday fueling further Bitcoin pull back to its lowest price since Dec 2020.
Total crypto market cap dropped back below $1 trillion for the first time since Jan 2021 (down $2 trillion from its high in Nov 2021).
Current state:
Hopefully, someone informs Mr Brandon that things are blood red in his build back better new normal.
This lava has left me black and blue..
See you tomorrow!
- Ope