June 24, 2021 Sign Up

Together With

"You are remembered for the rules you break."

Good morning! Yesterday, the creator of the iconic McAfee antivirus software, John McAfee was found dead (suspected suicide) in a Spanish prison, where he was being held on tax fraud charges. In some more positive news, scientists have figured out how to instantly cure hiccups.

If you have not subscribed to Short Squeez yet, now is the time and this is the link.

1. Story of the Day: Crypto Losing its FOMO Appeal

The world of crypto moves fast. During lockdown, it was hard to have a conversation without someone bringing up Bitcoin or Dogecoin. Social media was consumed by it too, with everyone pumping something crypto-related. It took less than 3 months for Bitcoin to go from $30k to a high of $64k on April 13th. In 2 months after that, the price came crashing down (nearly 50%) and is hovering at $33k. 

While the internet will have you believe everyone has "diamond hands" (aka not selling), Blockchain data shows people are aggressively cashing out. Addresses holding 10k+ Bitcoin have fallen ~15% since January. Other currencies have fallen from highs too, Doge is down 70% from its high just a month ago, while Ethereum is down nearly 55% from its high on May 11th. The crypto craze and FOMO investing has cooled off. (for now at least) 

Governments are cracking down hard on crypto as well, with China winning the gold medal in the measures it has taken. (doesn't look like the massive country of El Salvador making Bitcoin legal tender had any meaningful impact on it) Elon Musk seems to have gone awfully quiet on crypto too, focusing his attention back to pumping Tesla. Bitcoins are disappearing mysteriously as well, and the ransomware attacks have not helped either.

Short Squeez Takeaway: Will cryptocurrencies bounce back? Yes, they probably will. Maybe Elon Musk will start tweeting about them again or Cathie Wood will raise her Bitcoin price target from $500k to a $1 million. While crypto investing for sure is hella fun, every now and then you are likely to go into severe depression.

2. Markets Rundown

• S&P fell slightly but Nasdaq climbed to a record-high again, fueled by a rally in Tesla 
• Bitcoin and other cryptocurrencies bounced back, recovering slightly from the major sell-off a day earlier

Movers & Shakers

• (+) Fisker ($FSR) +9% on news that the company was being added to the Russell 3000 index.
• (+) Tesla ($TSLA) +5% after investors cheered data that showed a record peak for US factory activity in June.
• (–) Patterson Companies ($PDCO) -12% after Q4 earnings miss.

3. Top Reads

A Message from Polymarket: NBA Western Conference Finals

Will the Phoenix Suns make their first NBA Finals appearance since 1993? After Deandre Ayton’s game-winning dunk Tuesday night, the Suns are up 2 games to none against the Clippers. Although it’s been nearly 30 years since the Suns made it to the Finals, the Clippers haven’t been to the Finals...ever.

Will the Suns or Clippers win the 2021 NBA Western Conference Finals?

Traders are currently pricing in an 87% probability that the Suns seal the deal. If you believe the Clippers can make a comeback, you stand to make a 6x return. Otherwise, it might be an easy 13% return on the Suns. Trade in any NBA Playoff Market on Polymarket for a chance to win NBA Finals tickets!

4. Book of the Day: How to Change: The Science of Getting from Where You Are to Where You Want to Be

The author (Katy Milkman) is an award-winning professor from the Wharton School of Business and a host of the podcast Choiceology (behavioral economics podcast).

Milkman has spent years advising companies like Google, American Red Cross and the US Department of Defense on how to create positive change.

In her book, Milkman looks into what it takes to close the gap between our actions and our aspirations by diving into topics such as forgetfulness and impulsivity.

She teaches why timing can be everything when it comes to making change and how to turn temptation and inertia into assets.

Recommended for anyone looking for a blueprint on how to improve their habits and achieve their goals.

5. Daily Visual: Apple Leads the Big Tech Race for AI

Source: CBInsights

6.  Daily Acumen: Butterfly Effect

Most of us have heard of the Butterfly Effect (or Chaos Theory), usually explained by the idea that a butterfly flaps its wings in Costa Rica and causes a hurricane in Texas.

But really, the Butterfly Effect is about how tiny changes in big systems can have complex results.

The reality is that small things in a complex system may have no effect or a massive one, and it is virtually impossible to know which of the two it will be.

So if you ever wondered why weather predictions are often inaccurate, it’s because knowing the exact starting conditions is almost impossible and small changes can cause massive differences in results.

In business, it’s not easy to see how future consumer behavior will change exactly. That’s why powerful corporations fall to its knees while tiny startups rise and take over entire industries by making small changes in existing technologies to transform our lives.

7. Memes of the Day

Love Short Squeez? Share it with your friends!