Prices have slumped, raising fears about a crypto winter.FTiare/Getty Images
Bitcoin's all over the headlines, but for a very different reason than just a few months ago. Far fewer conversations today are about riding the token to the moon, since it's as close to Earth as it's been since December 2020.
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I'm Phil Rosen, and it'd be my pleasure to take you on a tour of some of the biggest bitcoin losers on the market right now.
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1. Bitcoin is weighing on some corporate balance sheets, as the token's precipitous fall these last few days has amounted to some serious losses for well known companies, at least on paper.
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Take Elon Musk's Tesla for example. According to the most recent filings, the EV-maker owns an estimated 42,000 bitcoins, and it is looking at unrealized losses of nearly $400 million.
And El Salvador, which made bitcoin legal tender in September, owns 2,301 bitcoins. Since its first purchase, bitcoin has shed roughly 50% of its value (although the nation's finance minister doesn't seem concerned).
Crypto's meltdown is a "tail wagging the dog" moment. At least that's how veteran trader Mark Mobius described it. He expects the crypto downturn to get worse, and it'll drag stocks lower, too.
"Billions of billions of dollars have been put into cryptocurrencies," he told CNBC Tuesday. "As you can see, bitcoin goes down, the S&P 500 goes down. It's a very unusual situation."
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As if the above weren't concerning enough, the Bank of England governor dished out a grave warning of his own: "Be prepared to lose all your money."
Meanwhile, the euro is soaring after the European Central Bank called a surprise meeting to discuss a meltdown in the bonds of the region's more indebted nations. In the crypto market, bitcoin is trading just above $20,000. Here are the latest market moves.
3. On the docket: LAIX Inc, John Wiley & Sons, and Naas Technology, all reporting. Also, the Federal Open Market Committee will conclude its two-day meeting today, with the interest rate decision expected at 1 pm ET.
7. Over 80% of investors expect stagflation to shock markets within a year. That's according to Bank of America. As its analysts put it: "Wall Street sentiment is dire."
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