This week ended badly for everything, with the DJIA losing %1 on the day, 1.7% on the S&P500 and 2.55% for the Nasdaq, Zerohedge called it “Kamala Karnage,
“and boy was it an epic flush: everything – like literally everything – and certainly anything with a high beta or even a trace of momentum, imploded with a sheer violence that made Aug 5 look like amateur hour.”
Bitcoin, touched as low as $52.7K – a week ago it was flirting with $60K -prompting the usual no-coiners to gloat that Bitcoin was “imploding”, seemingly implying that everything else wasn’t tanking as well.
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When August 5th Black Monday hit, the alert sent out to my Bitcoin Capitalist Letter readers said
My view is that this entire selloff in crypto is 100% a macro induced liquidity crisis and globally contagious margin call.
It has very little (nothing?) to do with Bitcoin, it has everything to do with a few chickens coming home to roost and a mad scramble for solvency.
Pretty well everything is down hard and the reason cryptos are down harder is because, as we all know, there are no circuit breakers or “plunge-protection teams” for Bitcoin or anything else in the space, and it all trades 24x7x365.
That’s why it tends to overshoot to both the upside and down.
Contrast this summer softness in Bitcoin with 2021-2022 crypto winter, which was 100% subject to the internals of the digital assets economy itself: Terra/Luna, 3AC, Celsius, and of course, the FTX debacle brought a well deserved purge to the space and the (some of) the most egregious offenders are where they belong: in prison.
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— Read More: www.zerohedge.com
