- Musk vs. Preston: X owner vows to spend as much as $100K to oust S.F. supervisor San Francisco Chronicle
- Elon Musk pledges $100K to oust San Francisco supervisor in 2024 election ABC7 News Bay Area
- Elon Musk calls for San Francisco supervisor to be fired over city’s ‘destruction’ amid crime surge Fox News
- Elon Musk pledges $100K to defeat San Francisco Supervisor Dean Preston following hearing on car break-ins KGO-TV
- SF Supervisor Dean Preston responds after CEOs, including Elon Musk, call for his firing KTVU FOX 2 San Francisco
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Tag Archives: 100K
Man accused of murdering Migos member Takeoff asks for $2M bail to be reduced to $100K
Man accused of murdering Migos member Takeoff asks for $2M bail to be reduced to $100K and says he will live with his parents
- Suspect Patrick Xavier Clark, 33, said he would follow all curfews and related rules ordered by the court and wear a GPS
- Clark was arrested December 1 and charged in the murder of the rapper
- Takeoff was fatally shot at 28 outside of a Houston bowling alley November 1
The suspect in the murder of Migos rapper Takeoff on Monday asked a Texas court to reduce his bail from $2 million to $100,000.
Patrick Xavier Clark, 33, told the court via his lawyer Carl Moore that he cannot afford the $2 million bail, TMZ reported after reviewing documents in the case, and believes that he can raise $100,000 in an effort with a bail bondsman.
Clark told the court that he would live with his parents, follow all curfews and related rules ordered by the court, wear a GPS monitor and abide by any ‘no-contact’ orders, according to the outlet.
The latest: The suspect in the murder of Migos rapper Takeoff, Patrick Xavier Clark, 33, (R) on Monday asked a Texas court to reduce his bail from $2 million to $100,000
He also said he would surrender his passport in connection with the case, which is centered around the fatal shooting of the rapper at the age of 28 outside of a Houston bowling alley November 1.
The outlet previously reported that Clark – who was requested a the court grant him a sum of $5,000 so he can hire a private investigator to assist with his legal defense.
Clark – who was arrested December 1 and charged in the murder of the rapper – told the court that his family has emptied their savings in hiring a lawyer to handle the case, and that he needs a private investigator who can ‘properly investigate [Clark’s] case and to prepare effectively for trial.’
According to authorities in the wake of Clark’s arrest, if the murder suspect made his bail, he would be put on house arrest; barred from owning any firearms or deadly weapons; not allowed to use marijuana or any controlled substance without a prescription; and prohibited from contacting people including Takeoff’s survivors and boxer Shakur Stevenson, who was present at the time of the deadly shooting.
Clark was arrested December 1 and charged in the murder of the rapper
Takeoff was snapped in Atlanta this past April at a birthday party for bandmate Quavo
A celebration of life ceremony was held in Atlanta at the State Farm Arena last month to honor the late musical artist
NBC News reported that the court granted the request, ordering authorities with the Harris County Sheriff’s Office to speak with the custody in suspect and bring a laptop, printer and device to record audio with.
Takeoff, whose real name is Kirshnik Khari Ball, died as result of ‘gunshot wounds of head and torso into arm’ in the wake of a private party held at 810 Billiards & Bowling, officials said. Gunshots were fired near the entrance of the establishment in the wake of a row after a dice game.
Houston Police Department Sgt. Michael Burrow said that Takeoff wasn’t involved in the game or the confrontation and ‘an innocent bystander’ in the incident.
Houston Police Chief Troy Finner said that the late musical artist was ‘definitely [in the] wrong place at the wrong time,’ and that there is ‘no evidence whatsoever to say anything different.’
In announcing the arrest of Clark earlier this month, Finner said a man named Cameron Joshua was also taken into custody in connection with an unlawful carrying of a weapon charge.
Finner said of Joshua: ‘He was there on the scene, and he was in possession of a weapon. He’s a felon.’
The next hearing in the case involving Clark is slated to take place Wednesday.
The least stressful job that pays over $100K, according to data
Stress on the job is a common phenomenon. A majority of workers, 79%, experience work-related stress month-to-month, according to the American Psychological Association’s 2021 Work and Well-being Survey of 1,501 U.S. adults.
Some jobs, however, are less stressful than others. The Department of Labor’s Occupational Information Network, or O*NET, ranked 873 occupations by level of stress by noting the importance of accepting criticism and dealing calmly with high-stress situations in each job. And some of those relatively low stress jobs also pay handsomely.
The least stressful job on the list that pays more than $100,000 per year is environmental economist, with a ranking of 52 out of 100. It pays a median annual salary of $105,630, according to O*NET.
The position calls for conducting research on environmental topics like public and private land use, air and water pollution and endangered species preservation. It calls for presenting the results of said research in articles or presentations and for assessing the benefits of environmental policies and regulations.
Most environmental economists need a relevant master’s degree or Ph.D to get hired, as well as some work experience.
In terms of why the job might be comparatively lower stress, “They’re not working in very competitive conditions,” says Sinem Buber, lead economist at ZipRecruiter. Some of these positions could be done in governments or universities, which could hold more job security. They’re also less competitive than economist roles at businesses, where workers have to help meet a certain bottom line.
Environmental economists also have a great deal of freedom within their role, according to 81% of O*NET’s respondents.
Plus, “it’s really a fulfilling job,” says Buber, “knowing that you are doing something good for the environment, that you’re doing something good for humanity. It gets them going every single day.”
If you’re considering doing the work to become an environmental economist yourself, keep in mind, all job experiences are relative, and no job is stress-free altogether.
“I think it would be challenging to find a job that had zero stress,” says Vicki Salemi, career expert at Monster, even this one. “It’s important to emphasize this is lower stress. It doesn’t mean there’s no stress at all.” And even if the job itself is relatively lower stress, a “toxic environment can amplify your stress tremendously” if you’re not getting along with your boss or colleagues, she says.
Make sure to speak to people who work at an organization you’re applying for while still in the interview process to a get a sense of the culture on the inside. Having as much information as possible can help you avoid toxic work environments, regardless of your role.
Check out:
10 low-stress jobs that pay more than $100,000 per year and how to get them
$2 million ranges, deleted job posts: NYC’s salary transparency law is off to a rocky start
Hiring is still booming in some industries, but falling in others—and job seekers are worried
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Jon Gosselin claims his ex-wife Kate stole $100K from two of their kids: ‘It’s morally wrong’
Jon Gosselin accused his ex-wife, Kate, of stealing $100,000 from two of their kids’ bank accounts, the same year she purchased a $750,000 lakeside home in North Carolina.
In legal documents, obtained by The Sun, the Kate, 45, confirmed that she did make two separate withdrawals of $50,000 from their teenagers Hannah and Collin’s trust accounts, but claimed it was ‘to survive’ and ‘meet her and the children’s expenses.’
During an interview with the British newspaper, Jon said he believed the mother-of-eight withdrawing ‘any money from these accounts without permission’ is ‘disgusting and it’s morally wrong.’
Upsetting: Jon Gosselin has accused his ex-wife, Kate, of stealing $100,000 from two of their kids, the same year she allegedly purchased a $750,000 lakeside home in North Carolina
The reality star then alleged that Kate has not reimbursed her children for the loan.
‘You can’t just live off your kids’ money,’ Jon added, despite Kate’s rebuttal, in legal documents, in which she says her children actually owe her money—since she funded their private school education and various living expenses.
In the filing, Kate claimed that the kids’ trust ‘owes’ her ‘$387,000 technically,’ but that she was ‘not looking to collect that.’
Unbelievable: In legal documents, obtained by The Sun , the Kate, 45, confirmed that she did make two separate withdrawals of $50,000 from their teenagers Hannah and Collin’s trust accounts, but claimed it was ‘to survive’ and ‘meet her and the children’s expenses’
Raising concerns: The reality star then alleged that Kate ‘has produced no paperwork and no payments have been made’
Jon also told The Sun, he only learned of the missing money when he ‘gained custody of the two children in 2018 and saw their bank statements.’
He and the mom-of-eight had set up trust accounts for their large brood to keep the money they earned on TLC and doing promotional activities safe until turning 18.
After she was asked in court about taking the money, Kate insisted she would ‘have to keep borrowing from it to survive.’
‘You can’t just live off your kids’ money,’ Jon added, despite Kate’s rebuttal, in the legal documents, that her children owe her money—since she funded their private school education
Her defense: In the filing, Kate claimed that the kids’ trust actually ‘owes’ her ‘$387,000 technically,’ but that she was ‘not looking to collect that’
At the time, however, she raised eyebrows for purchasing a $750,000 lakefront home in North Carolina with a private pier and swimming pool.
The outlet also pointed out that she received $40,000 per episode for her show Kate Plus Dates, which ran for six seasons.
Jon went on to express his anger over the situation as he feels she is a ‘hypocrite’ for ‘telling the world she has saved her children’s money when she’s actually been stealing for them.’
‘There’s been no remorse from her at all,’ he marveled. ‘Now, they’re 18 she thinks she can get away scott-free.’
Outraged: Jon went on to express his anger over the situation as he feels she is a ‘hypocrite’ for ‘telling the world she has saved her children’s money when she’s actually been stealing for them’ (seen in 2019)
In May, his youngest six children Aaden, Alexis, Collin, Hannah, Joel, and Leah all turned 18.
‘I am free! Free! Free in the aspect of I have adult children now,’ Jon joked to ET, at the time.
‘Now it’s time for me to move on – dating – moving on with my own life. It’s like starting over pretty much,’ he said, a year after splitting from his longtime girlfriend Colleen Conrad after nearly seven years together.
Stopped paying child support in 2012: Jon only had custody of two of his eight children, Hannah and Collin, and he said he’s ‘worked really hard in building independence in’ them (pictured on August 25)
Jon – who reportedly stopped paying child support in 2012 – only had custody of two of his eight children, Hannah and Collin, and he said he’s ‘worked really hard in building independence in’ them.
During that interview, Hannah, said she chose to live with her dad in Pennsylvania rather than her mom in North Carolina because she’s ‘always been closer’ with him and that they’ve ‘always had a strong good relationship.’
‘It’s a lot, growing up in a very busy household with lots of kids. And there’s not really a one-on-one relationship, for attention, that you have with your parent. I felt like my dad gave me that attention and a feeling like I had a good solid relationship with a parent,’ the former child star explained.
Happier times: The former couple reportedly only communicate through their attorneys following the end of their acrimonious decade-long marriage in 2009
‘It was a difficult decision leaving my siblings I did not want to be separated from them or even, like, live in a different household than them. But I just feel like there was unfair treatment in my mom’s house and I just wanted to live with my dad.’
Hannah – who’s excited to be able to vote and legally drive out of state – said her relationship with Kate is ‘pretty stable’ and they ‘text each other on an average basis.’
‘She just, you know, wished me a happy birthday. You know, told me she loved me and it was great – an average birthday text,’ Gosselin noted.
Eldest children: Gosselin’s 21-year-old daughters – twins Madelyn and Cara – are currently in New York attending Fordham University and Syracuse University, respectively (pictured in 2019)
Gosselin’s eldest daughters – 21-year-old Madelyn and Cara – are currently in New York attending Fordham University and Syracuse University, respectively.
Career-wise, Jon enlisted The International DJ Casper to produce his upcoming album EI8HT and the first single Voicemail drops on May 20.
The former couple reportedly only communicate through their attorneys following the end of their acrimonious decade-long marriage in 2009.
Jon & Kate Plus 8 aired for five seasons on TLC spanning 2007-2010, once amassing 9.8M viewers with the fifth season premiere.
Diablo Immortal player spends $100k on game, now can’t find anyone suitable to matchmake with
UPDATE 03/08/22: Blizzard has responded to the Diablo Immortal player who found themselves unable to get into the battlegrounds after shelling out an eye watering $100k in the game.
In a new video, jtisallbusiness has revealed the developer will be releasing a fix for the issue.
“Blizzard did reach out to me,” jtitsallbusiness said, before stating that a Blizzard representative told them the company had “approved a fix” which will be implemented in the “next coming days”.
“[I] can’t wait to see how the new system works. Hopefully it is designed in a better way,” they added.
Jtisallbusiness acknowledged that the attention from the media and gaming community around his spending in Diablo Immortal helped get the situation resolved.
“[I] really hope that Blizzard thinks about getting a better way for players to communicate about this game,” jtitsallbusiness said. “When you invest a ton of money into a game, [or] even if you are not investing a ton of money… you should have some sort of customer service to be able to talk about something.”
For those interested, here is jtisallbusiness’ Diablo Immortal character.
The original story continues below.
ORIGINAL STORY 01/08/22: A Diablo Immortal player has splashed a huge amount of cash on their character in Blizzard’s divisive new game.
However, as a result, their matchmaking record is now “so high” they “literally can’t get a battleground”.
Content creator jtisallbusiness is now debating an attempt to get a refund for their spending – which they claim to be “around $100k” – from Blizzard.
In a video, the streamer even admitted they are considering calling in lawyers to help with their rather unique situation.
“I can’t do things that I spent money on this character to do, and I have no time frame of when things are going to actually be fixed, or even know if things are going to be fixed because I am the only player in the entire world with this problem,” they said.
Jtisallbusiness stated they previously tried to contact Blizzard directly through forums and Twitter about their predicament. The reply they got from the company said that it was “aware of the issue”. However, nothing has changed for jtisallbusiness since then.
Last month, Blizzard boss Mike Ybarra defended the controversial microtransactions found in Diablo Immortal.
At this time, Ybarra stated that the “vast majority” of players were not spending any money within the game.
“The philosophy was always to lead with great gameplay and make sure that hundreds of millions of people can go through the whole campaign without any costs. From that standpoint, I feel really good about it as an introduction to Diablo,” he said.
Meanwhile, the game’s developers are currently battling an XP bug which it is claimed has cost players “millions” of lost experience points.
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Former NBA player Vince Carter’s Atlanta home burglarized, nearly $100K stolen
Armed burglars broke into the Atlanta home of retired NBA player Vince Carter while his wife and kids were inside and stole nearly $100,000 in cash over the weekend, police said.
Carter’s wife, Sondi Carter, and the couple’s two sons hid in a closet Sunday night while burglars smashed in a first-floor window and ransacked the 10,000-square-foot home in Atlanta’s affluent Buckhead neighborhood, according to an incident report released Wednesday by the Atlanta Police Department.
Sondi Carter told police she was in bed with her two sons when she heard loud noises coming from out front at 11:50 p.m., according to the report. She grabbed her sons and together the three hid in their bedroom closet while listening to the suspects run upstairs and rummage through the family’s belongings in various rooms.
Sondi Carter said she called 911 from inside the closet and texted the neighborhood patrol.
An off-duty Atlanta PD officer with the neighborhood patrol responded and chased a suspect wearing all black clothing and a mask down the road until he hopped into a black SUV that sped off.
Police officers arrived at the home shortly after and found $16,100 worth of $100 bills spilled onto the ground outside the gated home.
The recovered money, however, was just a sliver of the $100,000 that was missing from a brown bag Vince Carter kept in the master bedroom closet, the former Hawks player who retired in 2020 told police.
Police also found a gold Desert Eagle firearm still in its gun case, belonging to Vince Carter, and a black Glock 26 with an extended magazine outside the home, according to the report.
Police believe the Glock was left behind by the burglars.
Inside the home, officers found a first-floor window completely smashed in, multiple rooms in disarray and a gate at the top of the stairs broken off its hinges, the report states.
Police officers photographed the scene and lifted a fingerprint from a side door that the suspects may have used to flee the home. They also collected surveillance video from cameras on the property.
Sondi Carter and her sons were unscathed during the break-in.
According to property records, Vince Carter, who played 22 seasons with the NBA and now works as an NBA analyst for ESPN, bought the home and the almost acre and a half of property it sits on for nearly $7 million in August 2020.
The investigation is ongoing.
With Post wires
Retro Game Collector Accused Of Selling $100k Worth Of Fakes
The retro PC game collecting scene was rocked by an unexpected scandal last week when a prominent member of the community, who was also a moderator of a major Facebook group, was accused of selling people fake copies of classic games.
Enrico Ricciardi, who for years has been an active member of the community as a buyer, seller and source of advice, has been booted from the Big Box PC Game Collectors group after several members came forward with evidence they say proves that many of the boxes, floppy disks and pieces of art he has been selling people are not what they seem.
The group’s members have collected all their evidence and accusations in a public document, saying that after one member received a suspicious game—a supposed copy of 1979’s Akalabeth: World of Doom, which was developed by Richard Garriott before he started the Ultima series and is one of the first RPGs ever made—they began to poke around other titles that had been sold by Ricciardi, and found many of those were a little off as well.
Comparing Ricciardi’s games to originals owned by other members, the group quickly found a number of discrepancies with the former, like game labels being hand-cut instead of machined, marks on supposedly decades-old stickers that could only have been made with modern printers and slight differences in things like fonts and logo placement. You can see these examples yourself here and here.
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The most damning evidence presented, though, was that in many cases the disks that had been sold by Ricciardi were blank, something many buyers were only discovering now that they had been prompted to check. If you’re thinking to yourself “why didn’t these guys check that before?”, we’re talking about disks and tapes that are in some cases over 40 years old, which as the Big Box PC Game Collectors members explain, means doing this isn’t always the best idea:
These disks are 40 years old, and the software is widely available online via emulators at this point. The goal in getting these games is not to play them, but to collect them (people who collect baseball trading cards do not trade them much either). “Testing” a 40-year-old disk can risk damaging the disk. Further, some collectors do not have access to the computers which originally ran these games.
With multiple members having now compared the games they received from Ricciardi to other, legitimate copies, it has become clear that he has been selling these intricate fakes for years (since at least 2015, by their reckoning), covering everything from old Sierra and Origin games to “multiple copies of Ultima: Escape from Mt. Drash, Akalabeth and Mystery House.”
Wildly, it’s even believed that while most of Ricciardi’s fakes were sold directly to buyers, the group says “there is at least one black box Ultima 1 that we think may be fake that was graded by WATA.”
It’s estimated that Ricciardi has been involved in “at least €100K in transactions of suspected counterfeit game items”, which at time of posting works out to be roughly USD$107,300. That’s…a lot of money, as you’d expect for games both this old and this important, though as the group explain in a FAQ accompanying their post, it’s unclear if any legal proceedings are underway, or ever will be, since they say “the individuals affected are choosing the best recourse for them and do not wish to discuss this publicly.”
If you’re a collector and this has you a bit spooked, or you’re just an outside observer curious about how all this works, the Big Box PC Game Collectors group have an “anti-scammers guide” that’s an interesting read.
Brian Flores Says Stephen Ross Offered Him $100K per Dolphins Loss in 2019 to Tank | Bleacher Report
Mark Brown/Getty Images
Former Miami Dolphins head coach Brian Flores has filed suit against the NFL and its teams, including his former employer, alleging the league “remains rife with racism, particularly when it comes to the hiring and retention of Black Head Coaches, Coordinators and General Managers.”
In the suit, Flores’ representatives said the seeds of his firing this offseason were laid in his first year with the team in 2019 when team owner Stephen Ross offered him $100,000 for each of the Dolphins’ losses as they embarked on a total rebuild. Miami wound up finishing 5-11, and Flores said he was told by general manager Chris Grier that Ross was “mad” at the Dolphins’ success because it was “compromising [the team’s] draft position.”
The suit also includes allegations about Ross’ push for the franchise to land an unnamed “prominent quarterback” in contravention of NFL rules:
“After the end of the 2019 season, Mr. Ross began to pressure Mr. Flores to recruit a prominent quarterback in violation of League tampering rules. Mr. Flores repeatedly refused to comply with these improper directives. Undeterred, in the winter of 2020, Mr. Ross invited Mr. Flores onto a yacht for lunch. Shortly after he arrived, Mr. Ross told Mr. Flores that the prominent quarterback was ‘conveniently’ arriving at the marina. Obviously, Mr. Ross had attempted to “set up” a purportedly impromptu meeting between Mr. Flores and the prominent quarterback. Mr. Flores refused the meeting and left the yacht immediately. After the incident, Mr. Flores was treated with disdain and held out as someone who was noncompliant and difficult to work with.”
Joe Schad of the Palm Beach Post said Tom Brady was the quarterback in question. Brady ultimately signed with the Tampa Bay Buccaneers that offseason, while Miami selected Tua Tagovailoa with the fifth overall pick in the 2020 NFL draft.
Flores’ grievances aren’t limited to the Dolphins.
The 40-year-old alleges the New York Giants knew they were going to hire Buffalo Bills offensive coordinator Brian Daboll before they held a formal interview with him. He claims the interview was merely a pretext so that the Giants were satisfying the NFL’s Rooney Rule.
Flores included texts purportedly from New England Patriots head coach Bill Belichick before the scheduled interview in which Belichick mistakenly congratulated him for getting the Giants job. Belichick said he meant to send the message to Daboll:
Dov Kleiman @NFL_DovKleiman
Texts from Bill Belichick to Brian Flores, congratulating Brian for landing the #Giants job.
Belichick thought he was texting Brian Daboll. He was texting Flores by mistake. pic.twitter.com/Y686XcjYC3
The Giants issued a statement saying they “are pleased and confident with the process that resulted in the hiring of Brian Daboll.”
Art Stapleton @art_stapleton
#Giants statement in response to allegations made by Brian Flores in lawsuit filed today pic.twitter.com/GP0dRb72Bo
Flores also alleges he had a “sham interview” with the Denver Broncos in 2019. His representatives said in the suit that John Elway, then the Broncos general manager, and team CEO Joe Ellis arrived an hour late and “looked completely disheveled.” As with the Giants, Flores contends the interview was only done so that Denver complied with the Rooney Rule.
For years, followers of the NFL have expressed concerns about the lack of diversity among the league’s coaching and front office ranks. Heading into the 2022 season, Mike Tomlin is the only Black head coach.
Over time, the NFL has attempted to address the problem by first implementing the Rooney Rule and then tweaking its requirements. Still, critics have questioned whether the rule is a sufficient solution.
Flores’ lawsuit is bound to bring this conversation to the fore again.
PA Lottery Tickets Worth $100K Sold In Berks, Carbon, Lackawanna, Montgomery Counties
Pennsylvania Lottery players in Berks, Carbon, Lackawanna, and Montgomery counties have each won a $100,000 prize.
The $100,000 winning tickets for the New Year’s Millionaire Raffle drawing on Saturday, Jan. 8 were sold at:
- Sheetz, 2246 Lancaster Pike, Reading, Berks County;
- Turkey Hill, 200 West Catawissa St., Nesquehoning, Carbon County;
- Gerrity’s Supermarket, 1782 North Keyser Avenue, Scranton, Lackawanna County;
- GIANT Food Stores, 737 Huntingdon Pike, Huntingdon Valley, Montgomery County.
The four winning ticket numbers selected were: 00087231, 00088445, 00265998, and 00470795.
The retailers, listed in no particular order, will each receive a $500 bonus:
The Jan. 8 drawing also awarded 100 prizes of $1,000 and 5,892 prizes of $100, for a grand total of $5,889,200 in prizes.
A total of 6,000 winning numbers were randomly selected from a range of 500,000 tickets that were sold between Nov. 9, 2021, and Jan. 8, 2022, when tickets sold out.
Prizes must be claimed, and tickets validated before winners can be identified. Millionaire Raffle winners have one year from the drawing date to claim prizes. Players should immediately sign their winning tickets.
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Behind crypto’s ugly weekend, ‘cascading’ selloffs and dashed hopes for Bitcoin $100K
“Hodl” no more?
The grim weekend cryptocurrency drubbing that dragged Bitcoin (BTC) under $50,000 and ravaged other digital coins has decisively tempered the bullishness of investors — some of whom were predicting a run at $100,000 just weeks ago.
Fueled by uncertainty over the Federal Reserve inching toward tighter monetary policy in the face of surging inflation, and global fears over the new Omicron variant of COVID-19, the dramatic crash was super-charged by liquidations in the crypto derivatives market, market players say.
Only Friday, Bitcoin sat above $57,000 before the risk aversion hammering stocks spilled over into crypto world — dragging the premier digital coin down by as much as 20% on the day to below $43,000. On Sunday, the currency bounced by over 2% to trade around 49,000.
According to estimates by Larry Cermak at The Block Research, nearly $5 billion in open interest was wiped out in as little as half an hour. That helped to shave cryptocurrency’s total market capitalization down to $around $2.3 trillion, off sharply from last month’s record high above $2.6 trillion.
In some parts of the market, BTC’s price collapsed even lower, with some exchanges pricing it as low as $28,000 according to Jason Lau, chief operating officer of the cryptocurrency exchange Okcoin.
“As is usually the case, cascading liquidations in the derivative markets drove exaggerated moves,” Okcoin’s Lau explained.
Because fewer people typically trade on weekends, the crypto markets often deal with much lower levels of liquidity – providing even less of a buffer against nosedives. Lau and investors say thin market conditions fed the carnage in Saturday’s price action.
On Sunday, some cryptocurrencies recovered a bit of lost ground. Ether (ETH-USD) plunged by over 20% but clawed back some losses, currently floating around $4,100. Smaller blockchain units where liquidity is even lower, like Solana (SOL1-USD), are also nursing a 20% net correction.
Yet bucking the trend was Terra’s Luna (LUNA1-USD) – a stablecoin-pegged token that’s seen the most significant crypto gains in the last several weeks. Up over 10% on the day, Luna flipped its initial slide into a weekend bull run that’s logging back-to-back all time highs.
‘Went South’
This weekend’s selloff is just the latest of several flash crashes this year that have sent some investors reeling, even as El Salvadorian President Nayib Bukele – whose country became the first sovereign government to embrace Bitcoin as legal tender – proclaimed that he “bought the dip.”
The “buy the dip” philosophy is spurred by Bitcoin investors’ belief that no matter how sharp a drop, the asset will continue to rise over the long term, thanks to free spending governments and loose monetary policy sparking inflation.
“Fundamentally, the continuation of monetary expansion and declining purchasing power is not disappearing and will only drive more interest into scarce assets like bitcoin,” Okcoin’s Lau told Yahoo Finance.
But short-term sentiment around the asset has clearly shifted. Bitcoin has experienced “violent swings” of 20 to 30% in previous bull runs before reaching its peak, according to Anto Paroian, chief operating officer of ARK36, a crypto hedge fund.
Yet this time around, BTC’s 20-week moving average – a key bull market indicator – “has now been decisively breached,” Paroian told Yahoo Finance, warning that “the outlook is currently bearish in the short to medium term” as some investors look to shed their riskier assets.
With the Fed seemingly more concerned about inflation and Omnicron fears widening, investors are walking back hopes for Bitcoin hitting $100,000 – a “much anticipated milestone,” according to Baxter Hines, chief investment officer of the Texas-based Honeycomb Digital Investments.
Bitcoin’s rally has been fueled in part by borrowed money or leveraged positions on derivatives exchanges, with some using the digital coin as margin collateral. As such, a heavily-leveraged market is vulnerable to shakeouts that exacerbate violent moves.
Over the last quarter, money locked in decentralized finance protocols surpassed $100 billion, according to DeFi Pulse, a fourfold surge since the start of the year.
And when crypto prices “went South” on Friday, so did the collateral-backing loans made to derivatives traders, Hines pointed out – ramping up margin calls that force traders to liquidate positions to cover losses, as well as volatility.
With open interest already down sharply, the drop could get even worse when Monday’s regular session begins. That’s because the Chicago Mercantile Exchange (CME), which is accounting for an increasing level of open interest volume on BTC futures, doesn’t operate on Saturdays.
“It’ll be interesting to see what happens when Monday comes around,” Lau added.
David Hollerith covers cryptocurrency for Yahoo Finance. Follow him @dshollers.
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