The largest cryptocurrencies are under presure again today - Bitcoin, Ethereum down around 10% - as it seems some anxiety remains ahead of the August 1st scaling decision deadline, chatter about Russian Bitcoin viruses, and a new report from BofA has raised more questions than answers about the future of virtual currencies.
On average major crytos are down around 10%...
With Bitcoin back near $2500...
And Ethereum testing $200 support...
Just over three years after Greece "triumphantly returned" to capital markets in April 2014, when it issued €3 billion in 5 year bonds at a yield of 4.95%, and a cash coupon of 4.75% - an offering which was 8x oversubcribed - and which crashed and nearly defaulted one year later when only the 3rd Greek bailout prevented the country from going bankrupt, only to get taken out at 102, moments ago Greece once again returned to the bond market, if far less triumphantly, by selling another €3 billion in 5 year paper which however was "only" 2x oversubscribed, with indications from Bloomberg that
Authored by Lance Roberts via RealInvestmentAdvice.com,
Okay, I have to discuss something this week that has been bugging me. I have had several emails as of late suggesting one of the biggest investing fallacies stated during late stage bull market advances.
“I don’t care about the price, I bought it for the yield.”
First of all, let’s clear up something.
Second only to March's highs, The Conference Board's Consumer Confidence printed at its highest level since the year 2000 (ironic given where Nasdaq is trading). Despite a tumble in 'hard' data, and a plunge in Bloomberg's economic expectations, it appears record high stocks are working to pump Americans up.
The single biggest trend for the next year or so will be the collapse of the $USD.
The fact is that the Fed will be forced to walk back its hawkishness. Indeed, this process has already begun with Janet Yellen testifying before Congress that the Fed was just about done with rate hikes.
Bear in mind, the $USD had already dropped 8% year to date during a period in which the Fed had hiked rates TWICE.
So what will happen to the $USD when the Fed walks back its hawkishness and slows down the pace of rate hikes… or even STOPS hiking altogether?