Friday, Sept 22, 2023
some not-very-cheerful charts, and a megacorp blockchain that might be something
“It is what you read when you don't have to that determines what you will be when you can't help it.” – Oscar Wilde ||
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Programming note: Apologies, but next week I have to skip publication on Tuesday AND Wednesday – I’m at a conference and don’t know when I’ll be near reliable wifi. I’ve tried publishing this newsletter while at conferences before, and it’s a nightmare. So, I’d rather spend the time chatting and thinking and then sharing. I’ll be back in your inboxes on Thursday!
IN THIS NEWSLETTER:
Lots of doom-scrolling charts, plus a couple of hopeful signs.
Sony takes over blockchain?
WHAT I’M WATCHING:
I really should know better, but this morning I fell into the trap of doomscrolling market charts, many of which extend what I’ve been muttering about here for a while now (equities overvalued, high yields are going to hurt, economic crunch incoming) and many of which throw new accelerant onto the fire.
This obviously ate into the time I should have been using to think about the big-picture crypto evolution, but I’ll get back to that this weekend, and I do share an interesting snippet below.
So, I’m going to share some of the charts here – and next week I’ll go into more detail about why I’m worried about a stock market correction, and what this could mean for crypto markets.
1) Yesterday was the S&P 500’s worst day since the aftermath of the March banking crisis. The index closed down 1.6%, its steepest drop in over 100 days.
(chart via TradingView)
2) US treasury bonds also had a bad day, with the TLT long bond index at its lowest level since 2010.
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