Today’s Nuggets
Bank Crisis 2.0
Rates Cut and Mortgage Rates Spike!
“All Road Lead to FIation”
Gold’s Best Performance in 20 Years
Saylor and Section 6102
Digital Asset Fund Flows Largest Since July
BlackRock Dominating Deploying $1.7 Billion
Memes Win
NVDA Rampage
Monster Chinese Stock Buybacks
This week’s OCTA title is a bit scary but do not be too afraid. As I always say, Bitty loves a crisis! While we have a few coming, it is not Bitcoin.
Crypto Market Update:
The market cap is at $2.32 trillion;
Bitcoin is exactly at $67,420;
BTC dominance is about 57%, which is pretty high; and
The Fear and Greed is at 70%, which is greedy.
Bank Crisis 2.0 is looming, as 66 banks are about to hit the wall.
We are seeing a lot of weird stuff happening right now, as most of the banks are not technically fungible right now.
Unrealized losses by U.S. banks are seven times higher than those during the 2008 global financial crisis.
Therefore, they are in very hot water because the Fed stretched and destroyed them. Now it is time to pay the piper.
The banks will probably all fold and be rolled into JP Morgan.
This chart from Charlie Bilello shows you how the state of the financial system is so broken.
The Fed cut interest rates by 50 basis points on September 18th. Guess what happened after that? Mortgage rates went from 6.1% to 6.82%, reaching the highest level since July.
This shows you there is a problem with the
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