BITCOIN REVISED - Temporary 'Red Alert' before new Flights (p2)
Waking up this morning and finding Bitcoin 4% lower was quite a surprise.
Did Elon Musk tweet again? Did Yellen show up? or did a whale just sold 100 Billion worth of Bitcoin?
Went online to check but None!!!!
So why this drop? Well it does NOT have to do much with Binance running into trouble again (that is always expected, when you are unethical at some point people realize how bad your ethics are).
It has to do with China and the crackdown that stalks the credit markets there.
''Debt and land-buying curbs and hundreds of new rules are hitting developers far harder than they had expected, setting off a scramble to sell assets as well as a steady drumbeat of bankruptcies, defaults and cut-price takeovers''. Take a look at the indices this morning and there is your answer.
Good news is that the sun rises there but it sets in the evening and this evening we have Federal Reserve annual meeting (aka Jackson Hole) and also the USA GDP (Gross domestic product, Released quarterly). If this data is good we could go from Red to Green real fast but then again if this data is bad it will be more red coming.
It's a volatile day already, just keep in mind that it can potentially become even more volatile later on.
not so amused today,
the FXPROFESSOR
Did Elon Musk tweet again? Did Yellen show up? or did a whale just sold 100 Billion worth of Bitcoin?
Went online to check but None!!!!
So why this drop? Well it does NOT have to do much with Binance running into trouble again (that is always expected, when you are unethical at some point people realize how bad your ethics are).
It has to do with China and the crackdown that stalks the credit markets there.
''Debt and land-buying curbs and hundreds of new rules are hitting developers far harder than they had expected, setting off a scramble to sell assets as well as a steady drumbeat of bankruptcies, defaults and cut-price takeovers''. Take a look at the indices this morning and there is your answer.
Good news is that the sun rises there but it sets in the evening and this evening we have Federal Reserve annual meeting (aka Jackson Hole) and also the USA GDP (Gross domestic product, Released quarterly). If this data is good we could go from Red to Green real fast but then again if this data is bad it will be more red coming.
It's a volatile day already, just keep in mind that it can potentially become even more volatile later on.
not so amused today,
the FXPROFESSOR
Comment:
I am a Professor! Nailed it
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