Cheaper stock prices allowed investors to average down on their portfolios, however certain tech stocks have yet to move back to recent higher levels. Tesla is now down 37% from its all-time high and it has impacted the cryptocurrencies as well. Elon Musk has come out saying that due to its ongoing environmental impact, Tesla will no longer accept Bitcoin as means of payment for the purchase of a new car. It seems that Bitcoin mining is consuming at least 1% if not 2% of the world’s fossil fuel usage, making ownership of bitcoin a dirty asset. The two biggest cryptos, Bitcoin and Ethereum have fallen at least 9% so far this morning.
Currencies are now weakening to the USD, the USD looked oversold and with Agriculture prices falling today, the selling of USD has taken a breather. If inflation in the near term looks to be sticking around then expect interest rates to move even higher with or without the central banks.
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