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Can You Smell the Panic: Treasuries Rally in Flight to Safety, Bitcoin Collapses

Silvergate goes Tango Uniform last night.

Silicon Valley Bank is hanging on by its fingernails.

Jay Powell claims he’s just doing his job.

Maybe somebody (Jay) did break something (the bubble).

In an obvious flight to safety, here is the US 2 year Treasury trading like Bear Stearns is collapsing all over again with a solid 25 bps drop in yields since early this morning:


But worse is the crypto picture tonight as what ever went boink this afternoon has resulted in massive selling in Bitcoin and across the cryptocurrency universe:


Futures are somewhat muted but there is still the sunrise when the markets wake up to a jobs report and waiting news all day from the West Coast or worse, to see what shoe drops next.

Here’s your warning Tweet from Burry as to be expected:

Stay tuned.

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