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- Mo News: What's Behind The Crypto Crash?
Mo News: What's Behind The Crypto Crash?
Mosheh Oinounou
May 13, 2022
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Hi everyone,
Here's today's rundown on this Friday the 13th:
$800 billion has been wiped out of the crypto market in the past few weeks. Why it matters for the bigger stock market.
The future of work: Only a fraction of workers are back in the office five days a week. And new Zoom hacks to look productive!
What we know (and still don't know) about the killing of Al Jazeera journalist Shireen Abu Akleh.
The latest on the baby formula shortage and why it could take months for things to get back to normal.
Astronomers captured the first amazing images of the black hole at the center of our galaxy.
The Mega Ball number is... wrong! Better check your tickets.
And as always, what we're watching, reading and eating this weekend.
Have a great weekend!
~ Mosh and Jill
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💰 CRYPTO CRASH
More than $800 billion has been erased from entire crypto market in the past month-- including $200 billion in one day alone this week. Investors are fleeing from cryptocurrencies at a time when stock markets have plunged on fears over inflation, the Fed raising interest rates and an overall deteriorating economic outlook.
The Big Picture: Even if you don't own crypto, you might feel the impact. As Bloomberg's Matt Levine explains: "Crypto has at least started to work its way into the real financial system. Some traditional investors also own crypto; if their crypto goes down they might have to sell regular stuff. Some public companies are exposed to crypto (because they are crypto exchanges, because they have levered crypto holdings, etc.), so your boring old index fund might go down when crypto goes down." ~Bloomberg
Contagion Concern: Bloomberg reports that strategists are worried that small traders will be wiped out on their crypto holdings and sell everything else in the broader equity markets.Bitcoin: BTC briefly fell below $26,000 on Thursday. It hit a record high above $67,000 in November. About 40% of Bitcoin holders are now underwater on their investment. [Positive spin on this Friday: 60% of Bitcoin owners are still up🤷♂️] ~ CNBC
Not So Stablecoin: The so-called "stablecoin" TerraUSD, or UST, is meant to always be worth one dollar. It had plunged to as low as 26 cents and his since regained some of its value, but is still well below the $1 mark. ~ TIME
🚨 INVESTIGATING AL JAZEERA JOURNALIST'S KILLING
Artists paint a mural in honor of journalist Shireen Abu Akleh in Gaza City. Photo by MOHAMMED ABED/AFP via Getty Images.
Thousands gathered in the West Bank city of Ramallah to mourn slain Al Jazeera journalist Shireen Abu Akleh, who will be laid to rest on Friday. Abu Akleh was shot and killed while reporting on clashes between the Israeli military and Palestinian gunmen in the West Bank city of Jenin, but it's still unclear exactly who fired the shot that took her life. Palestinian leaders and some witnesses blame Israel. Meanwhile, the Israelis are investigating their military but also say it is possible the shot came from Palestinian militants. We're going to walk through what we know so far:
Background: Since late March, Palestinian terrorists have killed 19 Israelis and foreigners in Israel and the West Bank. At least three of the suspected perpetrators of those recent attacks were from the Jenin area. The Israeli military said its forces went into Jenin Wednesday to arrest suspects, when they came under fire first. ~ NY Times“Massive fire was shot toward Israeli forces by tens of armed Palestinian gunmen..." and they “also hurled explosive devices toward the soldiers, endangering their lives. The soldiers responded with fire toward the sources of the fire and explosive devices.” - IDF Statement
Israel has called for a joint investigation into Abu Akleh's death--with international supervision. Palestinian officials have rejected that request accusing [Israel] of committing the crime and added, "we do not trust them." Palestinians says they will conduct the investigation independently and present the results to the US, Qatar and the International Criminal Court. An Israeli official responded, “Those who have nothing to hide do not refuse to cooperate.” ~ CNNThe Bullet: The Palestinian Authority has also rejected Israel's request to examine the bullet that killed Abu Akleh. Israeli officials say both sides were carrying M16 assault rifles, which use the same 5.56-millimeter bullets. Israel has reportedly asked its soldiers in the area at the time to hand in their weapons for ballistic analysis. One way to determine which side fired the fatal shot is a forensic examination of the bullet, which could be traced to the rifle that fired it. ~ NY TimesInitial Autopsy: The Palestinian coroners who examined the body have said at this point it was “not possible” to determine whether she was hit by an Israeli or Palestinian bullet. ~Times of Israel
Al Jazeera, the Qatari state-owned media network, blames Israel for Abu Akleh's death: "In a blatant murder, violating international laws and norms, the Israeli occupation forces assassinated in cold blood Al Jazeera’s correspondent in Palestine."Palestinian journalist Shatha Hanaysha was on the scene and accuses Israeli forces of opening fire on them. She says they were wearing their press jackets.
The Big Picture: Abu Akleh was a beloved Palestinian-American journalist. She spent 25 years reporting for Al Jazeera. Her death has the potential to spark even more tension in the region. At a memorial service, mourners vowed to "sacrifice our blood and spirit for you, Shireen." ~CNN
🗂 THE FUTURE OF WORK
No matter how hard businesses try, only a fraction of workers are back in the office full time. In Manhattan, only 8% of office workers are back five days a week while 28% are fully remote, according to the business advocacy group Partnership for New York City. ~ NY Times
Great expectations: Back in January, employers thought 50% of workers would in the office five days a week by April.
Best of Both Worlds: 78% of workplaces have adopted a hybrid model, which allows for both remote and in-person work. Pre-pandemic only 6% of workplaces were hybrid.The Perks: Nearly two-thirds of companies are offering free or discounted food as a way to get workers back in the office. And about 30% are trying to be flexible over the summer, offering summer Fridays and option to work fully remote in August.
Meanwhile, after two years of work meeting via Zoom, workers have learned how to "cheat the system."
Two-thirds tilt their laptop camera to give the impression of being more potent.
More than 25% ride an indoor bike to seem disciplined, healthy, and active while on Zoom calls.
82% are in the WFH mullet: professional clothing above the waist and informal clothing below.
AND OUR FAVORITE: 56% of employees attempt to seem busier than they are by leaving Zooms early to attend another work meeting that does NOT exist.
🗞 THE SPEED READ
via NASA
Astronomers have captured the first ever image of the colossal black hole at the center of our galaxy, providing the first direct evidence of the cosmic giant's existence. Located 26,000 light-years away, Sagittarius A* is a gargantuan tear in space-time that is four million times the mass of our sun and 40 million miles across. The image was captured by the Event Horizon Telescope, a network of eight synchronized radio telescopes around the world. (LiveScience.com)
Context via the BBC. Look how small our entire solar system looks in the scheme of things.
Abbott Laboratories, producer of Similac baby formula, said it is bringing products from its factory in Ireland to the U.S. as it continues talks with the FDA to restart production at its factory in Michigan. However, the company has said it would take weeks, even after it gets approval, before products from the plant begin to be available in stores. Reminder: Three companies account for practically all U.S. formula sales: Abbott, Mead Johnson, and Gerber.( WSJ)
It was the pretext of stopping Ukraine from joining NATO, and stopping the alliance’s expansion, that was one of Vladimir Putin’s reasons for starting the war. But that has seemingly backfired on the Kremlin leader. Putin’s aggressive foreign policy has instead inspired countries like Finland and Sweden to apply for NATO membership. (Yahoo! News)
The House select committee investigating the January 6 assault on the U.S. Capitol issued subpoenas to House Minority Leader Kevin McCarthy and four other House Republicans: Reps. Jim Jordan of Ohio, Mo Brooks of Alabama, Scott Perry of Pennsylvania and Andy Biggs of Arizona for testimony. This is a significant escalation in its efforts to obtain information from GOP lawmakers as part of its probe. (CBS News)
On Thursday, Twitter CEO Parag Agrawal announced a number of big shakeups within the company, including pausing most hiring and pulling back on spending in most areas, though it’s not currently planning any layoffs. It’s a strange, uneasy moment inside Twitter, as the company prepares for Elon Musk’s $44 billion acquisition to close later this fall. (The Verge)
If you had a ticket for the May 10 Mega Millions drawing, you might want to hold onto it and check your numbers again. The host of the Mega Millions, John Crow, announced Tuesday's drawing incorrectly, calling the Mega Ball, the sixth and final ball announced, a 6 instead of a 9. The first five numbers – 15, 19, 20, 61 and 70 – were called correctly. (USA Today)
🎉 CHEERS TO THE FREAKIN' WEEKEND
What We're Watching: Pam & Tommy (Hulu)
What We're Reading: The One Parenting Decision that Really Matters (The Atlantic)
What We're Eating: Culina Yogurt
[BTW, we should add that this section just includes things we like. None of the above are sponsored, for now 😜! So, please send us your recommendations for things we should try. ]
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