Where Is My Broker?
Two elements:
“After the Dow declined 4.6% yesterday (Feb. 5) and the Nasdaq and S&P 500 also fell, drops were seen in Asia-Pacific nations today (Feb. 6). Japan’s Nikkei 225 fell more than 5%, while South Korea’s Kospi and Australia’s S&P/ASX 200 were each down more than 3%. S&P 500 futures also fell, suggesting more pain is in store. And Bitcoin continued its fall as well”. Fortune
Yes, “Some people think bitcoin’s spectacular price rise last year was manipulated by a cryptotoken called Tether that’s supposed to be pegged to the US dollar. Now, an anonymous report answers the question: What would bitcoin be worth without Tether? The answer: around $4,500.” Quartz
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Yes, the Bitcoin equilibrium could not have been driven by market forces: Tether.
Now, are you on alert in case this sell-off continues? If you have equity anywhere, please do not be far from your broker. Have an outstanding instruction to pull the trigger if the mayhem continues. We may be in for market correction, but it is too early to talk that.
The market correction is needed, and highly necessary too. The world is becoming too attached to ephemeral things and bubbles, and there's need for some sort of brakes.
We hear numbers rising and falling in different quaters, and yet a poor man hasn't seen changes in his living standards. With 'speculative economy' taking centrestage, it's no longer a surprise that you could move from being the richest person in your village to becoming one of the poorest, within 48 hours; and sometimes your 'rich' or 'poor' status largely depends on one careless statements or rumours made in one corner of the world.
We know how difficult it is to move your wealth from $5 million to $10 million in real life; but with this regime of 'speculative economy' that could happen in 30 minutes.
Yes, call your broker, but tell him/her not to do anything yet; reality is taking a tour!
