The Breakdown Questions about Bitcoin and Macro to Start the Week
Jun 11, 2024
The podcast delves into the market shift in traditional and crypto markets, sparked by a strong jobs report affecting Bitcoin's drawdown and Federal Reserve rate cut decisions. It also covers Roaring Kitty's GameStop position, regulatory scrutiny's impact on stock prices, short exposure post-meme stock frenzy, and a medical devices company embracing a Bitcoin investment strategy.
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May Jobs Report Impact
- The May jobs report exceeded expectations, adding 339,000 non-farm payrolls.
- This pushed back expectations of a Fed rate cut, impacting Bitcoin's price.
Conflicting Jobs Data
- Conflicting data exists within the jobs report, with the household survey showing job losses.
- This discrepancy is puzzling analysts and raises questions about the report's accuracy.
Risky Positions and Leverage
- The Bitcoin drawdown, while mild, caused significant portfolio damage due to risky altcoin and meme coin positions.
- High leverage in these positions led to amplified losses during the sell-off.