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After falling from $29k Wednesday evening to $27.5k yesterday, #bitcoin crashed $2,000 in just 10 minutes overnight to hit a low of $25,314 on a massive order dump which quickly took out all stops
While it's not clear what the immediate catalyst is, the crash coincides with reports that Elon Musk's SpaceX has sold out all the BTC it previously acquired ($373 million).Others have pointed to China’s Evergrande Group filing for Chapter 11 bankruptcy in New York. The fall has taken Bitcoin's market cap below $500 billion for the first time since June 16 and hit lows not seen since June 20. Source: cointelegraph, zerohedge
Bitcoin selling intensifies wth
Some of it has been attributed to legal uncertainties surrounding Greyscale's lawsuit against the SEC, with a ruling coming as early as Friday Evergrande's bankruptcy isn't helping the mood. Source: Markets & Mayhem
There is bearish divergence spotted between the market (SP500) and % of stocks above their 200-day MA
The last occurrence led to significant downside for equities. Source: Game of Trades
Walmart on Thursday raised its full-year forecast, as the discounter leaned on its low-price reputation to draw grocery customers and drive online spending
The big-box retailer beat Wall Street’s expectations for sales and profits. E-commerce sales for Walmart U.S. also jumped 24%. Walmart said it now expects full fiscal-year consolidated net sales to increase by about 4% to 4.5%. It said adjusted earnings per share for the year will range between $6.36 and $6.46. That compares with its prior guidance for consolidated net sales gains of 3.5% and an adjusted earnings per share range of between $6.10 and $6.20. Source: App Economy Insights, CNBC
Unprecedented times in Argentina
- On Monday, Argentina’s central bank raised interest rates to 118%. - Forex: you now get a record 350 Argentine Pesos for each US Dollar. - Argentina 30-year mortgage is now at a record 82.2%. - For the first time since 1991, their inflation rate is above 100%. Source: The Kobeissi Letter
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