The most important roundup of news for AMC April 17 2021
- Gary Gensler sworn in as SEC Chairman, where he will serve as Joe Biden’s enforcer, the “top cop on Wall Street.” It’s very telling that he was quickly sworn in on a Saturday, which had not happened since 1973 (recession) and 2008 (recession) in order to address fraud. This is a clear indication that Biden and the SEC are preparing to take similar, emergency action against fraudulent actors and market manipulators.
- Bitcoin dropped 15%, as institutions are likely selling Bitcoin to raise the massive collateral that they now require—starting on April 22—to fully insure their lenders, including apes. (See “April 22” below.)
- Is somebody in a hurry? LMAO! Lights in Citadel’s corporate building suggest that employees worked feverishly at all hours throughout the weekend, including Sunday. Hmmm . . . . Desperate much? The stock market was closed, but guess what was open for trading: Bitcoin. I suppose that it could be a total coincidence that Bitcoin dropped 15% on Saturday, but I doubt it. The more likely scenario is that Citadel and other hedge funds caused Bitcoin to plummet by selling Bitcoin to raise a small portion of the collateral that they will need to at least partially insure the lent/borrowed synthetic shares that they overleveraged, as required on or before April 22. (See “April 22” below.)