Overview
Stocks are volatile too!
Market: BTC retraces after a 4-day climb.
Google shows support for Web3 future.
Elon Musk shakes up Twitter.
Good morning Fam,
Crypto often catches a lot of slack for being too volatile, and they are not wrong. BTC and ETH are down -69% and -70%, respectively, since 2021 highs. But let us remember crypto is an emerging technology lacking established regulation. Volatility is a common trait for an asset searching for its place in a rocky and hostile landscape.
On the other hand, investors forgot stocks could be volatile after ten years of an easy-money bull market. So, when the Federal Reserve silenced the printers, some of the largest companies in the world began responding like altcoins. Lack of liquidity affects all.
Below are some of the largest companies affected by the market downturn and the massive amount of wealth destroyed in the process:
Amazon (AMZN)
All-time High stock price in July 2021: $188.65
Current price: $110.96 (- 41%)
Loss: $750 Billion
High-resolution chart.
Meta (META)
All-time High stock price in Sept 2021: $382.96
Current price: $97.94 (-74.4%)
Loss: $621.27 Billion
High-resolution chart.
Nvidia (NVDA)
All-time High stock price in Nov 2021: $346.47
Current price: $131.76 (- 62%)
Loss: $506 Billion
High-resolution chart.
Honorable mentions:
Netflix (NFLX) - 56% since high
Tesla (TSLA) - 46% since high
Intel (INTC) - 62% since high
Market update 🌍
BTC/USDT 4H
BTC climbed over $20k for the first time since October 5th this week. After climbing aggressively for four days, BTC experienced a retracement to the $20.2k support level (yellow) yesterday. The decreasing volume on the 4-hour chart suggests the level is likely to hold, barring any major news events. BTC completed the daily candle down -2.2% to $20,295.
High-resolution chart.
Newswatch 📰
Google’s Ethereum node service. Tech giant Google announced its plans to launch a cloud-based node engine for Ethereum developers. The service titled "Blockchain Node Engine'', will be a fully managed service with active monitoring and the security features of Google's Cloud Armor. Google head of Web3 Strategy, Richard Widmann, said the company wants to be a key player in Web3 infrastructure.
Elon shakes up Twitter. According to Reuters, Elon Musk has officially bought Twitter and immediately fired Chief Executive Parag Agrawal and Chief Financial Officer Ned Segal. The $44 billion acquisition came after Musk withdrew his original offer, only to be threatened with a court battle by Twitter's legal team. When asked about his intentions, Musk said, "The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence".
News Tidbits:
THORChain halted due to a software bug.
Meta earnings miss. Stock at lowest since 2016.
Filecoin releases content delivery network called Saturn.
Jason Choi’s Cosmos (ATOM) bull/bear case.
NFT & metaverse update 🐵
Twitter to allow users to trade NFTs through tweets.
My five cents…
Elon Musk buying Twitter could see the platform take on a whole new form, and probably for the best. For those interested, you can read his statement on the purchase below. If a truly open, free, common digital town square can exist in the way he has described it many times, it may be extremely beneficial to all.
Let's just hope he gets rid of those darn bots too!
Enjoy your weekend Banter Fam!
Gabriel
Follow me on Twitter for daily updates!