Much like the sentiment that all crypto follows BTC, I'm a firm believer that crypto in general follows traditional financial markets.Here's a summary of an article in today's Wall Street Journal titled "Delta Variant Fears Shake Markets" that I think paints a red picture of what we saw yesterday.The DJIA decline 700 points yesterday, it's worse session in nine monthsThe blue-chip index fell 725 points, its steepest decline since Oct 28 202010 year US treasury note went to lowest level since Feb '21Governments are considering lockdowns again due to Delta variantInflation growing faster than expectedStrained US/China relations putting pressure on trillions of dollars worth of US listed Chinese companies-"The market is saying the economy is going to slow down fairly significantly in the next weeks or months"Markets rallied first half of 2021 as people bet the economy would bounce back post-CoronaThe economy grew 9.1% from April-June, the second fastest pace since 1983Analysts are predicting S&P 500 profits for Q2 to be 70% higher than last year - highest growth rate in a decadeGrowth most likely peaked in springOil price is decliningUnemployment has stagnated which could lead to labor shortageINFLATION, INFLATION, INFLATIONConsumer price index rose 5.4% in June from a year ago, fastest pace since August 2008Investors are moving to government bonds, a general sign of market fearTHERE HAS NEVER BEEN A MODERN ECONOMY THAT HAS REOPENED AFTER A PANDEMICTime to strap in and HODL. Going to be a bumpy ride.EDIT: My first awards :) Thank you fellow crytpo-psychos!
Submitted July 20, 2021 at 09:44PM
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