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Wednesday, September 28, 2022

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Stocks & Crypto Dive After SEC Gensler Comments

Courtesy of ZeroHedge View original post here.

After Friday's late-day meltup, futures extended gains overnight but it all felt fragile and it appears SEC Chairman Gary Gensler's comments on CNBC were just the catalyst that the algos needed to test lower:

"There's a lot of risk in crypto but there's also risk in classic securities markets. Difference is there's no rules or disclosures in the former to protect from fraud and manipulation," he said.

That appeared to trigger selling in stocks (after an abrupt turnaround from a panic bid at the open)…

And crypto dived with Bitcoin nearing $20,500…

Some have also suggested that crude triggered the dive in stocks and Gensler on crypto as WTI tumbled from $109 to $106 (before bouncing back)…

Did the market shift from 'growth fears' to 'inflation anxiety' again?

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