The Bitcoin Investment Trust is an open-ended grantor trust based in the U.S., sponsored by Grayscale Investments. Trading under the ticker GBTC, it is invested exclusively in bitcoin and derives its value solely from the price of bitcoin. According to its prospectus, the Trust's objective is for the NAV per share to track bitcoin's market price...
US equity markets pushed back into the green this morning just as two heavyweight investors suggested all is not well in the land of exuberance. Blackrocks' Larry Fink warned the equity market is not appreciating the message from the Treasury yield curve (and sees lower growth than Trump hopes for), while Omega's Cooperman warned that markets are fully priced, and ahead of fundamentals.
Fink headlines from his comments at a Deutches Bank conference:
Authored by John Rubino via DollarCollapse.com,
Housing is hot again, but lately it’s been overshadowed by flashier bubbles in government debt, tech stocks and possibly cryptocurrencies.
Still, the warning signs are spreading. Today’s Wall Street Journal, for instance, reports that homeowners are back to using their houses as ATMs:
Homeowners Are Again Pocketing Cash as They Refinance Properties
The Mexican peso tumbled more than 1% this morning, more than every other major emerging-market currency except the South African rand.
Bloomberg reports that traders were anticipating a victory for the opposition Morena party in this weekend’s gubernatorial elections in the state of Mexico, according to Win Thin, Brown Brothers Harriman & Co.’s head of emerging markets in New York.
And the peso is back at one-week lows
Much of this morning's interview between CNBC's Steve Liesman and Dallas Fed's Robert Kaplan was pre-scripted and uneventful, representing the latest canned discussion of the Fed's rate hike and normalization plans. Specifically, the former Goldman partner and current Dallas Fed preident once again laid out a noted course for a fairly aggressive path of rate hikes coupled with reductions in the central bank's balance sheet for the remainder of the year.
Still, there were two notable highlights.