😮Crypto Faces a Second Meltdown

Good morning. Crypto markets melted down over the summer, culminating in a crash in June... It’s the monthly jobs numbers today and they’re not going to be pretty and will be possibly the tip of the iceberg as we head into May. [Trading Tips] Good morning. Crypto markets melted down over the summer, culminating in a crash in June. The culprit? Leveraged brokerage firms that couldn’t meet their liquidity needs. The space then leveled out a bit, and even trended higher. But that’s unwound over the past few days. Rumors that FTX was having liquidity issues led to some market pressure. And news that Binance would acquire the competing broker didn’t assuage investors either. Given the non-binding letter of intent, it’s also possible that Binance pulls out of the deal, leaving FTX to close up shop. While that may not mean a loss for those holding crypto in an FTX account, the uncertainty and likely lockups will mean more uncertainty in the crypto space. With crypto markets already down over 70 percent in the past year, it’s clear there won’t be a turnaround until well after the last liquidation takes place… and there may be more downside ahead. Now here's the rest of the news: Sponsored Content [Market Wizard who made $95 million for his clients in 2008 – and predicted the 2022 collapse back in January – reveals his strategy:]( The One Ticker Retirement Plan How to make all the money you need – in any market – using a single stock. [Click HERE for the name of the ticker…]( MARKETS DOW 32,513.94 -1.95% S&P 3,748.58 -2.08% NASDAQ 10,353.17 -2.48% *As of market close • Stocks sank on Wednesday, amid a murky midterm election outlook and poor earnings. • Oil dropped 3.8 percent, closing at $85.56 per barrel. • Gold dipped 0.5 percent, last going for about $1,708 per ounce. • Cryptocurrencies sank again, with Bitcoin at $16,352 at the stock market close. Today’s TOP TIPS [Profit With Winning Companies Providing “Slow and Steady” Returnsow]( Many investors have made money by buying the dip and being greedy while others are fearful. In today’s fearful markets, there are plenty of bargains. But some companies may continue to struggle right now, leading their share price lower. Buying companies who have seen their stock price increase this year may be a better way to go. Those companies that can deliver now can likely continue higher no matter what market conditions develop. Playing to that momentum could fare well. » [FULL STORY]( [Insider Trading Report: Caesars Entertainment (CZR)]( Michael Pegram, a director at Caesars Entertainment (CZR), recently added 25,000 shares. The buy increased his holdings by about 31 percent, and came to a total cost just over $1.18 million. This is the first insider buy since June, when a number of directors also picked up shares. Over the past three years, insiders have mostly been active as sellers, with buying activity only picking up this year. » [FULL STORY]( [Unusual Options Activity: Hanesbrands Inc (HBI)]( Shares of apparel company Hanesbrands Inc (HBI) have lost 60 percent of their value in the past year. One trader sees a further decline in shares in the next few weeks. That’s based on the December 16 $5 put options. With 36 days until expiration, 8,489 contracts traded compared to a prior open interest of 101, for an 84-fold rise in volume on the trade. The buyer of he puts paid $0.08 to make the bet. » [FULL STORY]( IN OTHER NEWS • [Musk Sells More Tesla Shares]( Elon Musk has sold 19.5 million shares of Tesla (TSLA) in 38 transactions in early November. The total sales raised about $3.95 billion. The move occurred after Musk closed on the deal to buy Twitter, and months after Musk stated that he had sold enough shares to finance the purchase of the platform. • [Volvo Unveils EV SUV EX90]( Volvo has unveiled its first all-electric vehicle; a SUV dubbed the EX90. The manufacturer plans to only sell all-electric models by 2030. The starting price for the SUV is $80,000, and production will start at the company’s South Carolina facility next year, with early deliveries starting in 2024. • [Redfin Closes Home-Flipping Business]( Real estate analytics company Redfin (RDFN) is closing its home-flipping business. The company is also laying off 862 employees, which will reduce its workforce by 13 percent. The move to close the flipping business has occurred as borrowing costs for real estate have more than doubled so far this year. • [Salesforce Confirms Employee Layoffs]( Salesforce (CRM) confirmed that it has laid off hundreds of employees this week. The move comes as other tech companies have been laying off employees and streamlining operations. The cost-cutting measure is under way as activist investor Starboard Value has taken a stake in the company last month. • [SEC Charges Crypto Club Founder In $295 Million Fraud]( The Securities and Exchange Commission has filed charges against the founder of the Trade Coin Club, along with three promoters. The SEC alleges that the group was operating as a Ponzi scheme, raising 82,000 Bitcoins from investors around the world. The fraud was undertaken in 2018, leading to a value of $295 million. S&P 500 MOVERS TOP AKAM 6.294% GEN 6.221% BIO 5.726% META 4.996% DHI 2.839% BOTTOM DIS 13.233% OXY 9.535% NCLH 8.362% CTRA 7.964% ZM 7.956% Quote of the Day It’s clear the market got an upset stomach when this all came out…Crypto is just seeing another reiteration of accidents. This is so high profile. These were the two biggest crypto exchanges in the world, where one just in a matter of days sees a run on the bank and almost evaporates. - Peter Boockvar, chief investment officer Bleakley Global Advisors, on the crypto market’s reaction to the merger announcement between Binance and FTX. Sponsored Content [Market Wizard who made $95 million for his clients in 2008 – and predicted the 2022 collapse back in January – reveals his strategy:]( The One Ticker Retirement Plan How to make all the money you need – in any market – using a single stock. [Click HERE for the name of the ticker…]( Not sure the best way to get started? 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