EddieJayonCrypto
5 Dec 22
• Brian Armstrong, CEO of Coinbase, still yapping about FTX and SBF• Bybit and Swyftx are cutting 30% and 35% of their workforce, respectively• China to open economy and call for more oil• Russia is not going to sell oil to Europe• India may not agree to price cap for Russian Oil, but faces issues ...
• Brian Armstrong, CEO of Coinbase, still yapping about FTX and SBF• Bybit and Swyftx are cutting 30% and 35% of their workforce, respectively• China to open economy and call for more oil• Russia is not going to sell oil to Europe• India may not agree to price cap for Russian Oil, but faces issues since they rely on western services for such transactions (e.g., insurance)• Blackstone stops withdrawals on their $69B real estate fund; could be a harbinger of bad times to come for real estateI missed my normal Sunday Roundup, but my sentiment has not changed from yesterday to today. Thursday, Powell was pretty clear that he liked what he was seeing thus far. Then Friday hit and jobs numbers were better than expected. That increases the chances odds for a 75 basis point move by the fed next week. Even with that increase in odds I think the odds still favor a 50 basis point move and a more sustained run at that rate. The problems is still the overshooting the rates and crushing any chance of a soft landing of that were to happen.1. Everyone wants to keep your focus on FTX. Like Brian Armstrong, CEO of Coinbase, still yapping about FTX and SBF. Don't get distracted by why has already happened without showing more concern over what is happening and what is happening are layoffs all over the place, especially in tech. Other places have hiring slowdowns. 2. Bybit and Swyftx are cutting 30% and 35% of their workforce, respectively. Amazon has already laid off 10K workers. Mind you a lot of those layoffs were a part of a larger strategic automation plan. There is a lot of work done at Amazon that no longer requires people and at least a portion of those jobs lost stem from that. Perfect timing. 3. China is on the verge of re-opening its economy. That would bring major calls for energy in that country and place additional strain on the global energy crisis. Europe is already reeling, especially since Russia has said starting today they will not sell to Europe. India is stuck with a problem. They said they will not necessarily abide by the price cap on Russian oil. That could lead to them being unable to insure any shipments since it relies on the west for those and other services to support those transactions.