A report from Global News on Canada. "The housing industry in Saskatoon is slower but…
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‘Celsius Network, one of the biggest crypto lenders, told customers Sunday evening that it is pausing withdrawals, swap, and transfers between accounts in a move that has sparked discussions and prompted the price of the firm’s token to take a 60% tumble in the past one hour to as low as 19 cents.’
‘The announcement follows one of the brutal weekends in the cryptocurrency market that saw hundreds of millions of dollars worth of liquidation. At the time of publication, Bitcoin was trading at about $25,585 and Ethereum at $1,346, some of their lowest levels in over a year. Other high-profile crypto projects including Solana, BNB and FTT were also down.’
‘Alex Mashinsky, chief executive of Celsius Network, has been trying reassure customers in recent weeks, saying that they can withdraw their assets at any time and questioned skeptics. The firm also launched a recurring promotion recently, offering customers rewards if they transferred assets into Celsius accounts and help positions for up to 180 days.’
“The beauty of what Celsius managed to do is that we deliver yield, we pay it to the people who would never be able to do it themselves, we take it from the rich, and we beat the index. That’s like going to the Olympics and getting 15 medals in 15 different fields,” Mashinsky said in a video streamed in December.’
“pausing withdrawals, swap, and transfers between accounts”
Freezing bank accounts, just like Justin did. Mashinksy was smarmy AF on Kitco news a year ago. Maybe he and Saylor can go in on a pawn shop together.
Check out a price chart of MSTR (micro strategy) it was over 1000 not long ago.
The new Luna 2.0 is good for a laugh too. It’s down to a couple bucks since launch.
The only surprising thing to me is the overall volume that is still trading on all of these worthless scams. How can they not see that the well has run dry??
‘Ethereum prices are still tanking during the Monday morning Asian trading session, and the asset has lost a whopping 24% since late Friday. At the time of writing, ETH was trading at $1,350, down 8% on the day as the sell-off continued.’
‘On-chain analytics provider Glassnode reported that the Ethereum market has fallen below the ETH Realized Price of $1,781. This was on June 12 when the asset plunged to $1,453 – it has lost even more since then.’
‘The realized price of ETH 2.0 deposits is even higher, so the weekend attack of the bears has resulted in unrealized losses of more than 40%.’
Cryptos have fallen this far before, only to rise from the dead. But this time it might be different. In 2017, Bitcoin was largely revived by Tether, which has been shady from the beginning. But now, we have this:
Basically, the legislation is in its beginning stages, but they want to treat cryptos as commodities. Not as securities, and definitely not as currencies. IMO this would kill crypto as we know it.
crypto as we know it
Personally, I know nothing.
Ultimately what we have witnessed is an era of inflation and the cryptos were one of the best barometers of it. They will only go back up if the world is flooded with money/credit again. Bitcoin will make for a good indicator of when the Fed goes back into full ease mode again.
They will only go back up if
People who lose all their money realize they were stupid and will not play that game again for the rest of their lives. History will mock them.
“Bitcoin will make for a good indicator of when the Fed goes back into full ease mode again.”
40 years of subsidized bought down rates clearly are behind us…. And they may not be back for decades.
“Sell everything but the dollar” is resounding across trading desks as investors reprice the risk that the Federal Reserve hikes rates more aggressively than previously thought.’
‘A global wipeout sparked by faster-than-forecast US inflation data gathered pace on Monday amid a dramatic shift in bets on the pace of interest-rate increase. Traders now see the Fed will jacking up borrowing costs by 175 basis points by its September decision, which would mean at least one 75 basis-point move. More aggressive tightening is also seen at the European Central Bank.’
“The problem for risk assets is that it’s in a conundrum. We’ve got the choice between two bad choices” of stronger inflation or weaker growth, said Max Kettner, chief multi-asset strategist at HSBC. “The big change from Friday — that narrow path of goldilocks, that soft landing path — has become ever more unlikely.”
“Against this backdrop it’s hard to make the case for anything but a return to the lows we saw last month for the S&P 500 and the Nasdaq 100, and the prospect of further weakness,” said Michael Hewson, chief market analyst at CMC Markets UK. “In the space of a few days, markets have gone from optimism that inflation might be on the cusp of plateauing, to rising apprehension that we could not only see higher prices, but that prices might well remain higher for a lot longer than originally thought.”
‘The value of the cryptocurrency market on Monday fell below $1 trillion for the first time since January 2021, according to data site CoinMarketCap, reaching as low as $926 billion.’
‘The global cryptocurrency market peaked at $2.9 trillion in November 2021, but it has faltered so far this year. It has lost $1 trillion in value in the last two months alone as investors ditched riskier assets in the face of high inflation and fears that interest rate raises by central banks will hamper growth.’
“As inflation proves to be an even trickier opponent to beat than expected, Bitcoin and Ether are continuing to get a severe bruising in the ring,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. “They are prime victims of the flight away from risky assets as investors fret about spiralling consumer prices around the world.”
‘U.S. two-year Treasury yields rose above 10-year borrowing costs on Monday — the so-called curve inversion that often heralds economic recession — on expectations interest rates may rise faster and further than anticipated.’
‘Fears that the U.S. Federal Reserve could opt for an even larger rate hike than anticipated this week to contain inflation sent two-year yields to their highest levels since 2007.’
‘UBS strategist Rohan Khanna said hawkish ECB communication alongside the inflation print “have completely shattered this idea that the Fed may not deliver 75 bps or that other central banks will move in a gradual pace”.
“The whole idea went out the drain…”that’s when you get turbo-charged flattening of yield curves. It is just a realisation that peak inflation in the U.S. is not behind us, and unless we are told so, maybe peak hawkishness from the Fed is also not behind us,” Khanna added.’
‘ A selloff in European government bond markets gathered pace Monday as traders priced in a more aggressive pace of tightening from the European Central Bank, with traders now wagering on two half-point hikes by October.’
‘The yield on German’s two-year government debt — the most sensitive to changes in policy — rose above 1% for the first time in more than a decade. Benchmark Italian bond yields also pushed higher, touching the highest since 2014. The spread over German equivalents rose to as much as 233 basis points, the widest level since May 2020.’
‘The rout comes as traders reassess the outlook for central bank tightening worldwide, after a hotter-than-expected US inflation print Friday shattered the narrative that price growth may be peaking.’
Wa happened to my narrative? My negative interest rates? I want somebody to pay me to borrow money dammit!
‘Once every three to four years, hog farmers in the world’s largest producing country find themselves trapped in an unforgiving market that pushes some over-leveraged breeders to the brink of a debt crisis.’
‘Jiangxi Zhengbang Technology Co., the second-largest hog supplier among Chinese listed companies in 2020, just reported 542 million yuan ($81 million) of overdue commercial bills, becoming the latest producer to show the financial stress of the boom-bust cycle. The nonpayment comes after it lost about three billion dollars since the start of last year as local hog prices halved.’
“Zhengbang expanded its capacity too aggressively at the wrong time and found it hard to manage the situation when hog prices tumbled,” said Lin Guofa, head of research at consultancy Bric Agriculture Group.’
‘Zhengbang Technology sold about 5.5 million hogs back in 2018, when a long price slump hurt breeders, leading Chuying Agro-Pastoral Group for instance to default and offer to pay bondholders with ham. Chuying was eventually delisted from the stock market and its bondholders are yet to get their money back.’
“Zhengbang Technology” Do they have a hog app or something? Zhengbang!!
‘An eye-popping $17 billion wipeout in market value has made Life Insurance Corp of India one of the biggest wealth destroyers among Asia’s initial public offerings this year.’
‘Having plunged 29% since its May 17 debut, India’s biggest ever IPO now ranks second in terms of market capitalization loss since listing, according to data compiled by Bloomberg. The drop puts it just behind South Korea’s LG Energy Solution Ltd., which saw a more than 30% peak-to-trough decline in its share price after an initial spike on debut.’
‘LIC’s long-delayed IPO was dubbed India’s “Aramco moment” in reference to Gulf oil giant Saudi Arabian Oil Co.’s $29.4 billion listing in 2019, the world’s largest. It was part of Prime Minister Narendra Modi’s plans to expand the nation’s capital markets. The share sale, which was oversubscribed by nearly three times, was aimed at narrowing the government’s budget deficit after spending increased during the pandemic.’
‘More pain could be ahead for the stock given its lackluster quarterly results, according to Avinash Gorakshakar, head of research with discount brokerage Profitmart Securities Pvt. “The management’s communication with investors is confusing. They haven’t held an analyst call after the results,” he said. “So there is no clarity on how the company is planning to grow, what is going to be its strategy.”
As one industry insider commented, “The stench of mortgage and appraisal fraud is too obvious to ignore anymore.”
LOL:
Used House Salesguy: “…home prices in 2022 will still go up…”
Riiiight. With mortgage rates shooting thru the roof, buyers non-existent, and sellers about to make a mad dash for the exits, home prices will somehow go up during The Great Everything Liquidation”.
Remember, there is a shortage of granite counter tops
Colorado Springs, CO Housing Prices Crater 26% YOY As Inventory Tsunami Slams Denver Area
‘Celsius Network, one of the biggest crypto lenders, told customers Sunday evening that it is pausing withdrawals, swap, and transfers between accounts in a move that has sparked discussions and prompted the price of the firm’s token to take a 60% tumble in the past one hour to as low as 19 cents.’
‘The announcement follows one of the brutal weekends in the cryptocurrency market that saw hundreds of millions of dollars worth of liquidation. At the time of publication, Bitcoin was trading at about $25,585 and Ethereum at $1,346, some of their lowest levels in over a year. Other high-profile crypto projects including Solana, BNB and FTT were also down.’
‘Alex Mashinsky, chief executive of Celsius Network, has been trying reassure customers in recent weeks, saying that they can withdraw their assets at any time and questioned skeptics. The firm also launched a recurring promotion recently, offering customers rewards if they transferred assets into Celsius accounts and help positions for up to 180 days.’
“The beauty of what Celsius managed to do is that we deliver yield, we pay it to the people who would never be able to do it themselves, we take it from the rich, and we beat the index. That’s like going to the Olympics and getting 15 medals in 15 different fields,” Mashinsky said in a video streamed in December.’
https://news.yahoo.com/crypto-lender-celsius-pauses-withdrawals-030413980.html
That’s like going to the Olympics
It just sounds like being stupid.
“pausing withdrawals, swap, and transfers between accounts”
Freezing bank accounts, just like Justin did. Mashinksy was smarmy AF on Kitco news a year ago. Maybe he and Saylor can go in on a pawn shop together.
Check out a price chart of MSTR (micro strategy) it was over 1000 not long ago.
The new Luna 2.0 is good for a laugh too. It’s down to a couple bucks since launch.
The only surprising thing to me is the overall volume that is still trading on all of these worthless scams. How can they not see that the well has run dry??
‘Ethereum prices are still tanking during the Monday morning Asian trading session, and the asset has lost a whopping 24% since late Friday. At the time of writing, ETH was trading at $1,350, down 8% on the day as the sell-off continued.’
‘On-chain analytics provider Glassnode reported that the Ethereum market has fallen below the ETH Realized Price of $1,781. This was on June 12 when the asset plunged to $1,453 – it has lost even more since then.’
‘The realized price of ETH 2.0 deposits is even higher, so the weekend attack of the bears has resulted in unrealized losses of more than 40%.’
https://finance.yahoo.com/news/ethereum-collapses-24-weekend-rout-031024609.html
Cryptos have fallen this far before, only to rise from the dead. But this time it might be different. In 2017, Bitcoin was largely revived by Tether, which has been shady from the beginning. But now, we have this:
https://www.cnbc.com/2022/06/07/bipartisan-crypto-bill-lummis-and-gillibrand-want-to-empower-cftc-treat-digitals-assets-like-commodities.html
Basically, the legislation is in its beginning stages, but they want to treat cryptos as commodities. Not as securities, and definitely not as currencies. IMO this would kill crypto as we know it.
crypto as we know it
Personally, I know nothing.
Ultimately what we have witnessed is an era of inflation and the cryptos were one of the best barometers of it. They will only go back up if the world is flooded with money/credit again. Bitcoin will make for a good indicator of when the Fed goes back into full ease mode again.
They will only go back up if
People who lose all their money realize they were stupid and will not play that game again for the rest of their lives. History will mock them.
“Bitcoin will make for a good indicator of when the Fed goes back into full ease mode again.”
40 years of subsidized bought down rates clearly are behind us…. And they may not be back for decades.
“Sell everything but the dollar” is resounding across trading desks as investors reprice the risk that the Federal Reserve hikes rates more aggressively than previously thought.’
‘A global wipeout sparked by faster-than-forecast US inflation data gathered pace on Monday amid a dramatic shift in bets on the pace of interest-rate increase. Traders now see the Fed will jacking up borrowing costs by 175 basis points by its September decision, which would mean at least one 75 basis-point move. More aggressive tightening is also seen at the European Central Bank.’
“The problem for risk assets is that it’s in a conundrum. We’ve got the choice between two bad choices” of stronger inflation or weaker growth, said Max Kettner, chief multi-asset strategist at HSBC. “The big change from Friday — that narrow path of goldilocks, that soft landing path — has become ever more unlikely.”
“Against this backdrop it’s hard to make the case for anything but a return to the lows we saw last month for the S&P 500 and the Nasdaq 100, and the prospect of further weakness,” said Michael Hewson, chief market analyst at CMC Markets UK. “In the space of a few days, markets have gone from optimism that inflation might be on the cusp of plateauing, to rising apprehension that we could not only see higher prices, but that prices might well remain higher for a lot longer than originally thought.”
https://finance.yahoo.com/news/traders-supercharge-selling-us-assets-061508829.html
I love a good global wipeout to start off the day!
“Sell everything but the dollar”
Especially if you haven’t paid for it yet!
Some fun crypto charts …
https://finviz.com/crypto.ashx
And it even gets better….
Per https://coinmarketcap.com/
The global crypto market cap is $968.55B, a 12.38% decrease over the last day.
Note: Crypto market cap was around 1.25T just a few weeks ago.
So what’s a few hundred billion amongst friends?
Some fun stock index charts …
https://finviz.com/futures_charts.ashx?t=INDICES&p=d1
Currency futures. Everything sucks except the U.S. Dollar …
https://finviz.com/futures_charts.ashx?t=CURRENCIES&p=d1
‘The value of the cryptocurrency market on Monday fell below $1 trillion for the first time since January 2021, according to data site CoinMarketCap, reaching as low as $926 billion.’
‘The global cryptocurrency market peaked at $2.9 trillion in November 2021, but it has faltered so far this year. It has lost $1 trillion in value in the last two months alone as investors ditched riskier assets in the face of high inflation and fears that interest rate raises by central banks will hamper growth.’
“As inflation proves to be an even trickier opponent to beat than expected, Bitcoin and Ether are continuing to get a severe bruising in the ring,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. “They are prime victims of the flight away from risky assets as investors fret about spiralling consumer prices around the world.”
https://finance.yahoo.com/news/cryptocurrency-market-value-slumps-under-093713122.html
“This sucker could go down” — George W. Bush
‘U.S. two-year Treasury yields rose above 10-year borrowing costs on Monday — the so-called curve inversion that often heralds economic recession — on expectations interest rates may rise faster and further than anticipated.’
‘Fears that the U.S. Federal Reserve could opt for an even larger rate hike than anticipated this week to contain inflation sent two-year yields to their highest levels since 2007.’
‘UBS strategist Rohan Khanna said hawkish ECB communication alongside the inflation print “have completely shattered this idea that the Fed may not deliver 75 bps or that other central banks will move in a gradual pace”.
“The whole idea went out the drain…”that’s when you get turbo-charged flattening of yield curves. It is just a realisation that peak inflation in the U.S. is not behind us, and unless we are told so, maybe peak hawkishness from the Fed is also not behind us,” Khanna added.’
https://finance.yahoo.com/news/huge-selloff-rocks-treasury-markets-103351237.html
‘ A selloff in European government bond markets gathered pace Monday as traders priced in a more aggressive pace of tightening from the European Central Bank, with traders now wagering on two half-point hikes by October.’
‘The yield on German’s two-year government debt — the most sensitive to changes in policy — rose above 1% for the first time in more than a decade. Benchmark Italian bond yields also pushed higher, touching the highest since 2014. The spread over German equivalents rose to as much as 233 basis points, the widest level since May 2020.’
‘The rout comes as traders reassess the outlook for central bank tightening worldwide, after a hotter-than-expected US inflation print Friday shattered the narrative that price growth may be peaking.’
https://finance.yahoo.com/news/european-bond-rout-deepens-bets-075223211.html
Wa happened to my narrative? My negative interest rates? I want somebody to pay me to borrow money dammit!
‘Once every three to four years, hog farmers in the world’s largest producing country find themselves trapped in an unforgiving market that pushes some over-leveraged breeders to the brink of a debt crisis.’
‘Jiangxi Zhengbang Technology Co., the second-largest hog supplier among Chinese listed companies in 2020, just reported 542 million yuan ($81 million) of overdue commercial bills, becoming the latest producer to show the financial stress of the boom-bust cycle. The nonpayment comes after it lost about three billion dollars since the start of last year as local hog prices halved.’
“Zhengbang expanded its capacity too aggressively at the wrong time and found it hard to manage the situation when hog prices tumbled,” said Lin Guofa, head of research at consultancy Bric Agriculture Group.’
‘Zhengbang Technology sold about 5.5 million hogs back in 2018, when a long price slump hurt breeders, leading Chuying Agro-Pastoral Group for instance to default and offer to pay bondholders with ham. Chuying was eventually delisted from the stock market and its bondholders are yet to get their money back.’
https://finance.yahoo.com/news/once-again-china-pig-farmers-021832966.html
Open the gates!
“Zhengbang Technology” Do they have a hog app or something? Zhengbang!!
‘An eye-popping $17 billion wipeout in market value has made Life Insurance Corp of India one of the biggest wealth destroyers among Asia’s initial public offerings this year.’
‘Having plunged 29% since its May 17 debut, India’s biggest ever IPO now ranks second in terms of market capitalization loss since listing, according to data compiled by Bloomberg. The drop puts it just behind South Korea’s LG Energy Solution Ltd., which saw a more than 30% peak-to-trough decline in its share price after an initial spike on debut.’
‘LIC’s long-delayed IPO was dubbed India’s “Aramco moment” in reference to Gulf oil giant Saudi Arabian Oil Co.’s $29.4 billion listing in 2019, the world’s largest. It was part of Prime Minister Narendra Modi’s plans to expand the nation’s capital markets. The share sale, which was oversubscribed by nearly three times, was aimed at narrowing the government’s budget deficit after spending increased during the pandemic.’
‘More pain could be ahead for the stock given its lackluster quarterly results, according to Avinash Gorakshakar, head of research with discount brokerage Profitmart Securities Pvt. “The management’s communication with investors is confusing. They haven’t held an analyst call after the results,” he said. “So there is no clarity on how the company is planning to grow, what is going to be its strategy.”
https://finance.yahoo.com/news/17-billion-loss-puts-indian-090458368.html
Lot of money going poof this morning. I’d say turn those machines back on, but they are on!
“An eye-popping $17 billion wipeout in market value”
https://youtu.be/p13yZAjhU0M
Nice video… at 1.75x speed. So, according to him, “there is no bubble.”
You will own nothing.
You will own nothing and eat bugs. (Assuming you can find some bugs to eat)
The bubble that he is on is so huge he cant see the curvature of it.
Well said. LMAO!!
Fugly teeth too!
Ventura, CA Housing Prices Crater 12% YOY As SoCal Homeowners Get Barbecued
https://www.movoto.com/ca/93001/market-trends/
As one industry insider commented, “The stench of mortgage and appraisal fraud is too obvious to ignore anymore.”
LOL:
Used House Salesguy: “…home prices in 2022 will still go up…”
Riiiight. With mortgage rates shooting thru the roof, buyers non-existent, and sellers about to make a mad dash for the exits, home prices will somehow go up during The Great Everything Liquidation”.
Remember, there is a shortage of granite counter tops
Colorado Springs, CO Housing Prices Crater 26% YOY As Inventory Tsunami Slams Denver Area
https://www.movoto.com/co/80906/market-trends/
As one Denver broker joked, “We got buyers lined up for a haircut….. and a bath. Some are getting limbs amputated.”