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  • No. 50 ⚡️ Spooky szn ft. Ligma memes, Crypto responds to big tech's mental breakdown 🤡

No. 50 ⚡️ Spooky szn ft. Ligma memes, Crypto responds to big tech's mental breakdown 🤡

December 26, 2022

Gm. Halloween memes ft. Ligma. Big tech is ruining the markets for all of us - sup Meta 📉 How crypto's responding to TradFi's mental breakdown 💎Download Cheres app on iOS📲 Cheres is hiring a Social Media Content Platform Associate, LET'S GO. 😤

Down and how…big tech's struggling to go up

The US stock index was on a real roll for three days straight, with kindling hopes of the Fed prolly reducing interest-rate hike. But then came…um not-so-good 😐 quarterly results from Alphabet, Microsoft, Meta + other leading-tech, and the S&P 500/Nasdaq came crashing down.❗️

Here is a look at the damage:

  • The tech-heavy Nasdaq Composite dropped 2.04%.

  • The S&P 500 lost 28.51 points, or 0.74%,

  • Shares of Alphabet dropped $9.55, or 9.1%, to $94.93 (their worst day since March'20)

  • Microsoft shares declined $19.34, or 7.7%

  • Meta dropped more than 26% (phew!)

  • Apple fell 1.9%. While Amazon shares are down 3.5%

Well, calling Meta's state a horror story would be an understatement. Meta's drop shaved off more than $230 billion 😖 from its market cap — a level not seen since 2016.The plunge came as a result of the forecasted weaker-than-expected revenue growth in the coming quarter. Meta also blamed Apple’s iPhone privacy changes for impacting its ad-targeting. 🍎🐛“

To return to stronger growth, Meta needs to turn its business around. It would benefit from less priority on the metaverse and more on fixing its core business.”

- Debra Aho Williamson, analyst

Facebook's drop took other social media apps down with it. Snap fell more than 23% on Thursday, Pinterest lost more than 10% Twitter shares were off more than 5%. Oh Facebook...🌚❤️‍🩹

There was some good news too:

  • Twitter shares went up as banks began to move the cash for Elon Musk to close big $44 billion buyout.

  • The Dow Jones Industrial Average rose 0.01%.

  • Six the S&P 500’s 11 sectors rose on Wednesday, telling that investors are holding tight to the bullishness of past days.

Note: None of what Cheres shares is financial advice, nor opinions. We simply share the news. 🗞

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What happens when big tech performs poorly? Crypto mimics it.

As Meta, Alphabet, Microsoft, Amazon stocks dropped by ~$850 billion this week, 😬 crypto majors BTC, ETH, SOL, Cardano leading them all, weakened despite the strong GDP report. Cardano's ADA slid almost 6%, bitcoin (BTC) lost about 2% while ether (ETH) and Solana (SOL) fell 3%.🤧

🤙 Yet DOGE rose, Musk's major support of DOGE + his ability to always rake in attention had DOGE trading 5% higher over the last 24 hours.

Binance x Twitter: Gotta make room for real crypto action

A new boss and a $500 million investment from Binance, exciting, exciting week at Twitter HQ to say the least. Binance CEO Changpeng Zhao ‘CZ’ plans to create a team inside the company to focus on being helpful to Twitter.

"We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology.”

- CZ's vision for Twitter 🌤

Binance's involvement could bring new solutions to solve some of the issues inherent in the Web2 ecosystem + "practical use cases" for the still buzzy, yet less active, emerging asset class, as per their chief strategy officer, Patrick Hillman. Ya hear that tweeps? Now, let THAT sink in. 😉

Note: None of what Cheres shares is financial advice, nor opinions. We simply share the news. 🗞

Think crypto's pointless? Think again. It's many things for Turkey

In Turkey 🇹🇷 the rent jumps 5x every year. It's really hard for a local worker to buy a house. Even the menu prices at restaurants keep shooting up. It's fair to say that Turkey is a tricky country to build wealth/get rich/fatten your wallet. 💳 That's why Turkish people see crypto as a true respite. At least 8 million people in Turkey engaged in crypto. 😇

What's behind the appeal?

  • 🔥 Inflation: Turkey’s inflation rate is at a 24-year high rn. At times the Turkish lira has proved to be more volatile than bitcoin. The lack of trust in the power of the lira is one of the key reasons why crypto has almost become a symbol of freedom from inflation and the corporate life.

  • 🌍 Global entry: A lot of young people prefer starting their career in other countries. But for those who can’t/don’t want to leave Turkey, crypto sort of acts as virtual passport.

It kinda amazing though, how Turkey's so chill about crypto ✨. You see some states, with seemingly progressive views, look at crypto as a threat. Yet, in Turkey, despite a low rank on world's democracy index/frequent crackdown on free-speech etc. crypto remains fairly free. 🌈

Note: None of what Cheres shares is financial advice, nor opinions. We simply share the news. 🗞

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