Wednesday, August 17, 2022

Bitcoin bombs drop, hitting dreaded $ 30,000 range

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This is the web version of Bull Sheet, Fortune’s daily no BS in the markets newsletter. Sign up to receive it in your inbox here.

Good Friday, Bull Sheeters. A mood of risk has descended in markets as concerns over COVID escalate. From Tokyo to Frankfurt, there is red on the screens and US futures are not doing much better. Meanwhile, Bitcoin bears are in effect; digital currency is having another tough session.

Below, in the weekly “By the Numbers” section, I take a closer look at the mad rush of crypto trading, and whether it is a simple failure or a sign of more pain to come.

In Postscript, I keep my promise at the start of the week. You have homework this weekend, dear reader.

But first, let’s see what is moving the markets.

Market update


  • The mainAsia Indexend the week with a moan, with the Hang Seng down1.6%.
  • The eagerly awaited IPO of the Ant group could be worth less than 700 billion yuan ($ 108 billion) – or, half the size of what underwriters expected just a few months ago.
  • the China-Australia commercial spitting cost the latter on 3 billion dollars—Not a huge sum, but it puts pressure on Australian winemakers and other exporters.


  • theEuropean scholarshipsstumbled out of the gates with theStoxx Europe 600 down 0.4% outdoors.
  • the COVID numbers out of United Kingdom are really scary, and now Prime Minister Boris Johnson is signaling the current lockdown measures could go on in summer. The pound is lower this morning.
  • The deadly outbreak of the winter coronavirus knows no borders. France ad that all on-board visitors – including EU countries – will need to present a negative COVID-19 test to enter the country. And Portugal suspended all flights to and from the United Kingdom.


  • the American Futurespoint to a low open after a mixed trading session on Thursday. Still, the top three exchanges appear to end the week in the green.
  • the Nasdaq closed at a new all-time high yesterday, helped by big gains Intel. Alas, the chipmaker is down 4.6% in pre-market trade this morning after disclosing mixed results—Record sales, but a shortfall.

Somewhere else

  • Goldis lower, is exchanged around $ 1,860 / ounce.
  • thedollar is up while stocks are falling.
  • Grossis down, with Brent stable around $ 55 / barrel.
  • Bitcoinhad a brutal week. It fell an additional 8.7%, trading below $ 31,000. At one point, he had broken $ 30,000.


In numbers


Bitcoin Bulls, I’ll give you the good news first. Notoriously volatile digital currency is on the rise 6.3% so far in 2021. Before you roll out the cigars, take a look at the past two weeks. Since hitting an all-time high of $ 41,940 on Jan.8, it’s been down 26.2%. This is solidly in bearish territory. The rapid dive set off all kinds of warnings about the level of his potential. But cryptocurrency investors don’t sweat – they’ve experienced wild swings in the past. Some even see fainting as a perfectly understandable and correction needed. With all of this in mind, FortuneRobert Hackett answers the question that worries many investors these days: Should you add Bitcoin to your wallet in 2021?

97 528 800

Tomorrow marks the first birthday of the Wuhan lockdown, a topical headline that shocked the world at the time. Now, home orders, border closures and travel restrictions are commonplace around the world. According to New York Times COVID-19 tracker, official reports show 97 528 800 people have been sickened in the world with at least 2,090,500 deaths. The numbers are worse than anyone thought at the time. And the near future doesn’t look much better, with the US Centers for Disease Control and Prevention Warning 100,000 more deaths in the coming weeks. Aside from the stock rally, this has been a brutal year.


There is another recent milestone that means a lot to me. January 21, 2020 was the launch date of the Bull Sheet. The Nasdaq closed that day at 9,370.21, which means the high tech index is on the rise 44.4% since writing this newsletter. Did you put 10 thousand QQQ on that day you would expect a pretty impressive performance… I want to thank you all for your support in the first year. I can’t wait to leave in 2021.



As I mentioned earlier this week, my inbox filled with requests for our Ribollita recipe. I am a man of my word.

Before sharing the Ribollita recipe, I should explain its origin a bit. It falls squarely into the bad food, or category of peasant food. And it’s Tuscany through and through. You can find something similar across the border in Umbria or here in Lazio, but the Tuscans perfected it.

We pay homage to all Tuscan grandmothers strictly sticking to the Tuscan version. Our recipe was inspired by the version you find in and around Pienza (I can smell the pecorino cheese every time I think of this gem of a hill town).

Here is:

First of all, a word of warning … this is a recipe that can trip new cooks. But don’t be discouraged. You will earn serious points with your loved ones for the effort. And once you’ve perfected it, you’ll be the envy of your investment club.

Ingredients: pot of passata di pomodoro (tomato paste) 400g, white beans (dry) 350-400g, leeks 250g, carrots 80g, 2-3 potatoes, green cabbage 250g, Swiss chard 300g, Italian black cabbage 300g, pork bones, bay leaf, sprigs of fresh rosemary + sage + marjoram, salt.

The first step: the day before cooking the ribollita, soak your white beans overnight.

Second step: You will need two large pots. Put your soaked white beans + pork bones + bay leaf in one of the two large pots. Let’s call this Pot 1. Fill with 2 liters of water and cook over medium heat. Skim the mud that floats at the top every now and then.

Second step: about 45 minutes later you can start your second pot. Let’s call this pot 2. You start here with your sofrito. Pour in the olive oil and the cubes of your leeks, carrots and potatoes, plus the salt. Let them cook a little, then pour into the pot of Tomato puree. After a good five minutes, your mixture will have thickened.

Step 3: Pour the boiled broth from Pot 1 into Pot 2. Add the rest of your diced cabbage to Pot 2. Add the sprigs of fresh rosemary + sage + marjoram at the end. We usually tie the strands together on a thin string, which we can then fish from the cooking broth at the end. At this point, I usually sprinkle a little more salt in pot 2.

Step 4: After pouring in all the broth from pot 1, you will only be left with the pork bone and white beans. Throw away the bone. Remove the rest of the white beans and mix half of these white beans into a paste. Add the white bean paste and the rest of the whole white beans to jar 2.

Step 5: At this point, you only have one pot left, pot 2. Let pot 2 cook for another 45 to 60 minutes over medium heat.

To serve: Place a large slice of toast or, better yet, a piece of stale bread in your bowl; then pour your soup over it. Add a little pecorino romano shavings and a spoonful of olive oil.

Pair with Sangiovese or Montepulciano d’Abruzzo, a full-bodied Italian red. You won’t find me drinking a Pino with this dish.

Please share your Ribollita photos with me!


Have a nice weekend everyone… But first, there’s more news below.

Bernhard Warner

As always, you can write tobullsheet@fortune.comor reply to this email with suggestions and comments.


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