Bitcoin investors take historic bath!

In just three days last week, Bitcoin investors saw the largest realized loss ever—losses locked in by trading—as a Bitcoin sell-off saw investors bleed $7.3 billion, according to blockchain analytics provider Glassnode. The last month has seen a sustained crash that pushed Bitcoin’s price below $20,000 for the first time since 2020.

About 555,000 Bitcoins were traded between prices of $18,000 and $23,000, according to the firm. Long-term holders liquidated about 178,00 bitcoins at prices below $23,000, with a number of them realizing losses as high as 75 percent. “The last three consecutive days have been the largest USD denominated Realized Loss in Bitcoin history,” Glassnode wrote in a tweet on June 19.

Bitcoin miners have been feeling the pain beyond wallet balances, however. The Financial Times reported that shares in listed mining companies like Marathon Digital and Hut 8 have fallen around 40 percent over the past month, with some firms having to take machines offline as energy costs increase, Bitcoin’s price drops, and funding has dried up from capital markets…

To quote the late, great, Jerry Lester…”And away we go!”

META Serves up the Biggest Wipeout in Market History


Reuters

Meta Platforms Inc.’s one-day crash now ranks as the worst in stock-market history.

The Facebook parent plunged 26% Thursday on the back of woeful earnings results, and erased about $251.3 billion in market value. That’s the biggest wipeout in market value for any U.S. company ever.

And while the stock could certainly bounce back in coming days, especially given the volatility that’s gripped the technology sector this year, the mood on Wall Street has turned decidedly bleak on the long-time market darling. Analysts are pointing to the stiff competition that Meta now faces from rivals and to the fact that revenue was below expectations as causes for concern. Michael Nathanson, an analyst at brokerage Moffett Nathanson, titled his note “Facebook: The Beginning of the End?”

“These cuts run deep,” he wrote. The results were “a headline grabber and not in a good way.”

Investment advice is about the least-qualified topic I might offer advice on. I enjoy managing my own retirement account. And television, streaming or otherwise, is pretty much barren and uninteresting. My daily sum-total of time on the major networks news shows probably adds up to less than a half-hour. And I’m a news junkie…always have been. Recreational news watching limits me to Bloomberg TV. Not always interesting; but, depending on guests, most of it ain’t bullshit or mystical crap. What comes from Bloomberg staff is pretty much always interesting and professional. As witnessed by the waiting line of networks ready to steal their staff.

Oh…and Facebook. They could disappear overnight and I wouldn’t notice the “loss”.

Stock Market’s level of (dis)trust in the Fake President

Trump gave us his little fireside chat, last night, on what he is doing to bring safety to the people of the United States of America, to our health infrastructure, to our economy. Here’s how the Stock Market responded, this morning…

The S&P index has a fail-safe mechanism that automagically kicks in when it looks like the bottom is falling out, a crash is imminent. This engages when the value expressed in this index falls 7%.

This took place, today, 7 minutes after the trading day began. Trading was halted…and resumed after the usual 15 minutes rule. Not exactly resounding support for the bullshitter-in-chief.