Markets Sink As The Crypto Fallout Continues (How To Play It) — Don’s Daily Brief
Markets are off about 45 points, after a rough Friday and Monday.
Looks like markets have taken their turn and we’re back in bear market territory.
I think we’re looking at another 100-200 points down in the S&P over the next week — and I doubt we’ll get above 4100 between now and the end of the year.
I saw a question pop up the other day:
“What happened to the $3.1 billion that Sam Bankman Fried took off with in the FTX fiasco?”
Well, he took that money, and through his private investment arm, Alameda Research, invested it in a bunch of “crap coins” which are now worthless.
So that money is gone.
There are more blowups — more landmines — in crypto. And if you ask me, it’s healthy.
Think of it as a cleansing brushfire that is clearing out the ecosystem. Because a lot of people who didn’t know what they were doing rushed in and played it as a “get rich quick” scheme.
Because of the resulting fallout, Bitcoin — along with all other cryptocurrencies — are going to suffer. One of the companies that will suffer is Coinbase — with less people interested in buying crappy alt coins, they’ve got further to fall.
► So today I want you to short COIN.
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