Dow drops more than 700 points, Nasdaq craters 2% in global market rout

CNBC (Business News) ^ | 04 August 2024

[zeestephen]

Japan down 12.4%. No Japan trades for the last 10 minutes. South Korea halted trading. Now trading resumed, at down 9.6%.

[kiryandil]

welp

[kiryandil]

S&P futures down about 3%

[Herakles]

This smells of the AI’s running the market, they learn nothing from 1987

[Kudsman]

This should be one heck of a correction. How is GoneJoe’s handlers going to polish this?

[Enlightened1]

All in The last 2 weeks.

Trump assassination attempt
>Biden drops out of race
>Biden completely MIA
>Kamala campaign psyop overnight
>Gay Olympics ceremony mocking Christ
>Israel war tensions
>Japan black monday
>England riots
>crypto collapsing

[zeestephen]

Japan's quote has been frozen for 30 minutes - down 12.4%.

I do not follow Japan stocks, so maybe the exchange closes at 3 PM local time?

The worst trading day for Japan since 1987!

[DesertRhino]

Does this mean Ann Margarets not coming?

[kiryandil]

I could help her with that problem...

[Rockingham]

Bitcoin is performing like an equity rather than a strong currency that can hedge the market in a meltdown. Meanwhile, gold is up and projected to continue to rise.

[Enlightened1]

In the last 10 years gold is up 88%.

Now factor in the inflation rate of food and fuel over the same time period.

Oh and factor in Capital gaines.

In the last 10 years Bitcoin is up 13,000%.

Bitcoin is just reacting to the market. It will correct as it always does.

Zoom out in the timeline when you are in doubt.

[DouglasKC]

The globalists are burning it down to bring in the beast and false prophet.

[glorgau]

> Bitcoin is performing like an equity

Bitcoin is backed by the full faith and credit of speculators. That is it’s “entire store of value”

[ding_dong_daddy_from_dumas]

Silver might do well.

[C210N]

Trump said he'd "pay off" the $35T national debt with a little BTC.

[MinorityRepublican]

I guess Dow Jones will go down 1,000 today. 📉

[srmanuel]

Joker we need to up in Phu Bai and take Rafter Man with you.

[srmanuel]

Wait until the Persian Gulf is set on fire, which could happen at any moment, the Green Deal wants $10/gallon for gas which is not out of the question if a regional war breaks out between Iran and Israel.

[Rockingham]

I get your point, but it does not answer my observation that bitcoin is falling against the dollar and gold. My surmise is that bitcoin's function as a store of value may be less than it seems, with the recent decline attributable to a lessening of the demand for bitcoin because the world economy is cooling.

This of course raises a problem when a transaction in bitcoin has a mismatch between delivery and payment, with bitcoin slipping in value in the meantime. In the long run, cryptos backed by reserves of money or bonds or even gold ought to perform better as a hedge against that risk than bitcoin does in those circumstances.

If so, that could diminish the appeal of bitcoin. After all, given a choice and with other things being equal, for a large transaction, would you rather have a naked electronic IOU like bitcoin or an electronic IOU backed by and convertible into money on presentation to the issuer? If nothing else, bitcoin is a bit like a foreign currency, with a currency risk of fluctuating value. If your crypto is instead dollarized, then that risk becomes nil.

[Drago]

Yeah, when Wall Street got involved with Bitcoin they speculate in it and it gets treated as a “risk on” asset rather than the “risk off” asset that it is/intended to be. Dollar value down, equities down, debt massively up, then gold and Bitcoin should both be up. Not enough “Hodl’ers” (”buy & long term hold”) and too many Bitcoin day traders. Oh well, a great Bitcoin buying opportunity!!