Fly Charts: Understanding the Market Plunge Edition
Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From the falling market's impact on M&A to a bunch of other charts on the market dip, here are four charts that tell you what you need to know in business today.
And don't miss Tim Culpan on the other crash going on right now: "If the price doesn't rise, then the average miner is set to lose $3 per week at current levels. Mining syndicates such as Antpool -- which are probably buying their mines at less than the retail price -- may still be making money, but will be getting returns 90 percent lower than they would at that 50-day moving average. The only way for miners to return to sustained profits is if Bitcoin prices rise, or some miners turn off the lights, lowering competition. History shows that while the latter is possible, it's unlikely. In fact, those who have plunked down millions of dollars to build their Bitcoin mining operations seem to be playing chicken in the hope that competitors will flinch."
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