We Haven’t Seen Carnage Like This Since 2008

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Choo Choo

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Carnage

“O come, let us worship and bow down: let us kneel before the LORD our maker.”  Psalms 95:6 (KJV) 

Trillions of dollars in market wealth has already been wiped out, and investors are bracing for a chaotic second half of 2022.  We truly haven’t seen anything like this since the financial crisis of 2008.  The early months of 2020 were volatile due to the eruption of the COVID pandemic, but the Federal Reserve quickly rushed to the rescue.

The Fed poured trillions of dollars into the system, and that spurred a rally that was absolutely breathtaking.  But this time around the Fed isn’t going to be riding to the rescue any time soon.  The Fed is committed to raising interest rates in a desperate attempt to get inflation under control, and the size of the Fed balance sheet is now being reduced.  So there will be no artificial life support for the financial markets for the foreseeable future, and that is really bad news for those that are seeing their portfolios get absolutely monkey-hammered.

Things have been particularly brutal for crypto investors.

Last November, the total global market cap for all cryptocurrencies peaked out at about 3.1 trillion dollars.

Over the weekend, the total global market cap for all cryptocurrencies actually dipped below 850 billion dollars

The crypto market suffered one of its most dramatic selloffs in years this week as the prices of top cryptocurrencies declined as much as 35% week-over-week as fears of a broad economic recession intensified.

On Saturday, the total global market cap of cryptocurrencies sank below $850 billion as top tokens tumbled.

Poof. More than two-thirds of all “crypto wealth” is already gone.

CNBC is using the word “carnage” to describe what we have been witnessing in the crypto industry, and I think that fits the nightmare that is currently unfolding quite well…

Carnage in the crypto market won’t let up, as token prices plummet, companies lay off employees in waves, and some of the most popular names in the industry go belly up. The chaos has spooked investors, erasing more than $2 trillion in value in a matter of months — and wiping out the life savings of retail traders who bet big on crypto projects billed as safe investments.

It has been estimated that 16 percent of all U.S. adults either own or have owned a cryptocurrency. So a whole lot of peo…

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