Update: Bitcoin spot and futures are bid and have reebounded notably off the after-hours lows...
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As we detailed earlier, shortly after the US equity market closed this evening, someone decided it was time to dump a few hundred Bitcoin, sending the price plunging below $17,000...
Did another HODLer just fold?
Authored by Alberto Gallo via Algebris Investments,
“Your loving give me such a thrillBut your love don’t pay my billsNow give me moneyThat’s what I want”Money – Barrett Strong, 1959
Ten long years after the crisis, volatility and fear seem to have disappeared from financial markets. A synchronous global expansion coupled with persistently loose monetary policy has produced a goldilocks environment for all assets. Will it work for another year?
Content originally published at iBankCoin.com
Sky People Fruit Juice closed +64% to $3, down from an intra-day high $5 (+200%) on news of now being a crypto play. Don't laugh; I'm deadly serious.
Traders on Twitter were quick to link the company to blockchain technology and the bitcoin craze, since Future FinTech announced in June it had changed its name from "SkyPeople Fruit Juice" to focus on financial technology.
WTI/RBOB inched higher on the day ahead of tonight's API data and then knee-jerked higher as the data showed a much-bigger-than-expected 5.2mm crude draw.
API
Authored Doug Kass of Seabreeze Partners Management,
"The missing step in the standard Keynesian theory [is] the explicit consideration of capitalist finance within a cyclical and speculative context . . . finance sets the pace for the economy. As recovery approaches full employment . . . soothsayers will proclaim that the business cycle has been banished [and] debts can be taken on . . . But in truth neither the boom, nor the debt deflation... and certainly not a recovery can go on forever. Each state nurtures forces that lead to its own destruction. "