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crypto enthusiast | $ICX $EGLD $ALGO $ATOM $SOL $LUNA $ADA

[🌐 @nickneessen]

RT @GrantCardone: Don’t believe govt numbers on ANYTHING

Claim employment is booming but refuse to share over the last year, the number of…

[The Kobeissi Letter @KobeissiLetter]

Investor purchases of US homes are falling quickly and now at 2008 levels.

In Q3 2023, investors purchased $36 billion worth of US homes, down 30% compared to 2022.

In many large cities, investor purchases are down well over 40%.

In Atlanta and Charlotte, investor home purchases are down a massive 50%.

We now have 20-year high rates with record high housing prices.

Not even investors can afford this market.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Ilya Sutskever, a co-founder of OpenAI, and 500 employees have signed a letter saying they will quit if Sam Altman does not return.

Strangely, Ilya Sutskever is the same person that has been accused of convincing the board to fire Altman.

OpenAI currently has just over 700 employees.

In other words, 70%+ of their employees are set to leave.

We are witnessing the collapse of a $100 billion+ startup.

[The Kobeissi Letter @KobeissiLetter]

While CPI inflation is at 3.2%, inflation is much higher in many basic necessities:

1. Car Insurance Inflation: 19.2%
2. Car Repair Inflation: 9.6%
3. Transportation Inflation: 9.2%
4. Rent Inflation: 7.2%
5. Homeowner Inflation: 6.8%
6. Food Away From Home Inflation: 5.4%
7. Cereals & Bakery Products Inflation: 4.2%

While headline inflation is down from its highs, many basic necessities are still seeing 5%+ inflation.

It's also worth noting that we do NOT have deflation, we have disinflation.

While the rate of inflation is DOWN, prices are still RISING.

Affordability is still getting worse.

[Anthony Pompliano 🌪 @APompliano]

If you had $1 in 2020, it is worth $0.83 today.

The silent tax is very real.

(H/t @cullenroche)

[The Kobeissi Letter @KobeissiLetter]

JUST IN: The 10-year note yield is now officially above the median cap rate for the first time since 2008, according to Reventure Consulting.

In simple terms, the return on an investment property is now BELOW the 10-year note yield.

It should be no surprise that investor purchases are now down a massive 45% this year.

As rates continue to rise, investors will continue to scale back.

We should see 8% mortgages this week and 9% to 10% mortgages by early-2024.

This can only last for so long.

[Nick Gerli @nickgerli1]

Is another Mortgage Crisis brewing?

Homebuyer Debt-to-Income Ratios (DTIs) are now approaching 40% in the beginning of 2023.

That means homebuyers are now spending 40% of their gross income on mortgage and interest costs.

Same level as 2006. 😬

(Source: FHFA)

[MetaLawMan @MetaLawMan]

In an aggressive move, @Binance has gone on offense against the SEC in the federal court case.

Lawyers for the @Binance defendants have filed a motion accusing the SEC of engaging in unethical conduct.

This is a big deal.

Let me explain...

[Nick Gerli @nickgerli1]

Wall Street Investors have officially abandoned the Housing Market.

With Redfin reporting a colossal 49% crash in investor purchases in Q1 2023.

This is the biggest annual decline on record.

Even bigger than the drop that occurred in 2005 right before the last crash.

[The Kobeissi Letter @KobeissiLetter]

Liquidity is disappearing all around the board:

1. S&P 500 lost $600 billion in 2 hours

2. Crypto markets down $40 billion today

3. Four biggest US banks down $50 billion today

4. Bond markets trading like meme stocks

All the buyers are gone as inflation is here to stay.

[Stock Market Nerd @StockMarketNerd]

One of the largest banks in the U.S. breaking before our eyes.

Maybe we shouldn't re-accelerate rate hikes.

[MarketWatch @MarketWatch]

U.S. inflation rate over past 12 months slows to 6.4%, CPI data show https://t.co/pPyQMdBHkK

[Eric Basmajian @EPBResearch]

The second half of 2022 was historic for the US housing market 🏠

Transaction volumes froze 🧊

Prices started to decline 📉

Here's an unbiased and data-backed update on the US housing market heading into 2023 👇

1/

[Gordon Johnson @GordonJohnson19]

1/12 U.S. housing collapse 2.0 update. Home sales have collapsed to lows not seen since the last housing bust, & buyers (from both the cash side & investing angle) are simply saying... NO THANKS! That is, when looking at Nov. sales of all types of housing (condos + co-ops +...

[The Kobeissi Letter @KobeissiLetter]

Since October:

1. Twitter: Laid off 75% of employees

2. Apple: Hiring freeze

3. Amazon: Laid off 10,000 employees

4. Goldman Sachs: Laying off 8% of employees

5. Meta: Laid off 13% of employees

6. Coinbase: Laid off 18% of employees

7. Intel: Laid off 20% of employees

[The Kobeissi Letter @KobeissiLetter]

Recent events:

1. Credit card debt near record $1 trillion

2. Mortgage demand hits lowest since 1997

3. Americans lost $7 trillion in net worth this year

4. FTX collapse marks $30 billion fraud case

5. Housing market falling at fast pace since 2011

A recession must be near.

[Mike Alfred @mikealfred]

Binance didn’t meet its 1:1 ratio of reserves to customer assets. In U.S. dollar terms, based on bitcoin’s price at the time, the liabilities would have been about $9.68 billion, while the assets would have been $9.43 billion, or about $245 million smaller
https://t.co/cKg5PLl4wg

[Puru Saxena @saxena_puru]

BCA Research - Special Report (5 December '22)

A short thread🧵

1/ #recession in '23 , $SPX to decline to 3,000-3,200

[Beniamin Mincu |🇺🇸/acc @beniaminmincu]

1/ Today, we present the Maiar DEX upgrade & transformation to xExchange.

Months of endless efforts.
From many people and teams. All leading to this point.

So now, here's the economics, utility, & mechanics of MEX 2.0 🔥

Important step for #MultiversX.
https://t.co/4utl25avyq

[litquidity @litcapital]

Pete Davidson and Janet Yellen are reportedly now dating 😳‼️