Nasdaq is down 1.34% today, wiping out $517 billion in market value.$BTC
S&P 500 is down 1.13%, wiping out $695 billion.
Russell 2000 is down 1.5%, wiping out $47 billion.
This move comes after U.S. labor market data came in weaker than expected. Initial jobless claims rose to 231K vs 212K expected, which means layoffs are increasing. $C98
January job cuts were the highest since 2009, meaning companies are letting go of more workers. At the same time, companies announced very few new hiring plans.
When layoffs rise and hiring slows together, it becomes a leading indicator of economic weakness. Markets are now starting to price in that risk.
Bitcoin just dropped below its 2021 ATH, while alts are in free fall. Here’s why:
1. Everything is dumping
- Stocks are dumping today - Precious metals are dumping - Oil prices are dumping
$ETH This is a sign that investors are exiting risk assets, and crypto is going down with them.
2. Too much FUD
- Epstein is Satoshi - Saylor will go bankrupt - USDT is depegging - Quantum will kill Bitcoin - Tom Lee will sell ETH
All these FUD narratives are hitting at once, forcing panic selling.
3. Weak job data
- January job cuts soared 118% YoY, now at the highest level since 2009. - JOLTS job openings came in far below expectations, signaling a weak labor market. - Yet the Fed remains hawkish and is pausing rate cuts.
$C98 This is raising recession fears, triggering a broad market sell-off.
My thoughts - The crypto market is deeply oversold. - Bitcoin’s weekly RSI is lower than during the FTX crash, and alts are heavily oversold too. - The market looks very close to a bottom.
MICHAEL SAYLOR'S STRATEGY IS SITTING ON $6.5 BILLION IN UNREALIZED LOSSES ON $BTC . $C98 TOM LEE'S BITMINE IS SITTING ON $8 BILLION IN UNREALIZED LOSSES ON $ETH .
THIS IS ABSOLUTELY INSANE: $BTC $ETH $C98 A billionaire Chinese trader has built the largest net SHORT position in silver on the Shanghai Futures Exchange, holding ~450 tons, or 30,000 contracts.
His short position is now worth ~$300 million in paper gains after silver prices collapsed.
Including losses from earlier positions (he has been forced to liquidate some positions), he stands to make a net profit of ~1 billion yuan, or $144 million.
Previously, he made nearly $3 BILLION from bullish gold bets on the Shanghai exchange since early 2022.
A billionaire ramped up his silver shorts in the final week of January, just before prices collapsed.
$ZEC Binance Alpha will be the first platform to feature Rainbow (RNBW) on February 5.$CHESS
Eligible users can claim their airdrop using Binance Alpha Points on the Alpha Events page once trading opens. Further details will be announced soon.$BTC
🚨KRIPTOVALŪTU TIRGUS STRUKTŪRAS LIKUMS TUVU PABEIGAI$BTC $ETH Senāta demokrāti rīkoja slēgtu sanāksmi, kurā Čaks Šūmers tika raksturots kā “ļoti izmisīgs”, lai panāktu likuma pieņemšanu, kamēr kripto PAC Fairshake veido 193 miljonu dolāru vēlēšanu kampaņas budžetu. $CHESS Tomēr joprojām pastāv galvenie šķēršļi, tostarp strīdi par Trampa kriptovalūtu uzņēmumiem un gaidāmo banku–Coinbase darījumu par stabilās valūtas ienesīgumu.
Silver tanks 19% – losing $980 BILLION in a flash!
Crypto drops 7% – $184 BILLION gone poof!$ETH
Stocks like Nasdaq slide 2.5% – $1 TRILLION evaporated!
Charts show wild swings in gold, silver, crypto, and stocks all diving together. Blame it on Bitcoin's weekend slump and weak tech earnings (looking at you, AMD!). This sparked massive deleveraging panic.Replies buzz with talk of liquidity squeezes and sector shifts. History says these quick crashes often flip to epic rebounds! Gold and Bitcoin are still up over 20% this year bounce back incoming?