The autumn winds whispered through the barren trees of Wall Street, carrying with them the faint, bitter scent of ruin. The cryptocurrency markets, those restless children of fortune, had danced upon the precipice of euphoria-Bitcoin, proud and untamed, had soared to $111,000; Ethereum, like a noble steed, galloped past $3,900; and XRP, ever the hopeful dreamer, clung to $2.60. Yet, as the dawn broke on that fateful Monday, the specter of collapse loomed large.
Ah, how swiftly the mighty fall! Bitcoin, that golden idol of the modern age, crumbled beneath the weight of its own hubris, tumbling below $99,000-a blow unseen in five long months. Ethereum, too, succumbed, its year-to-date gains vanishing like smoke upon the wind. And all this-despite the Federal Reserve’s gentle hand, the whispered promises of trade peace between empires, and inflation’s muted growl. What cruel irony!
Why, then, did the market shudder? Why did $1 trillion vanish into the ether, leaving behind naught but a hollowed husk of $3.2 trillion? The sages of the Kobeissi Letter, those weary chroniclers of folly, offered their lament.
The Folly of Leverage
Their words dripped with the melancholy of men who have seen too much. “The answer,” they sighed, “lies not in the stars, but in the cold arithmetic of leverage.” For though adoption flourished and deregulation spread its wings, the market had become a beast of another kind-one fed on the reckless feasts of futures traders, their appetites insatiable, their margins thinner than a bureaucrat’s patience.
“Three hundred thousand souls,” they wrote, “are cast into the abyss each day, their dreams liquidated by the whims of a tweet or the tremor of a headline. Such is the age we inhabit-where markets move not to reason, but to the caprice of men who govern with keyboards.”
And so, they warned of storms ahead-of wild swings born of greed and fear-yet clung, ever so stubbornly, to the belief that the long arc of history bends toward profit. How very human.
A Symphony of Despair
Nor was crypto alone in its suffering. The Japanese stock market, that diligent worker, slumped by 4.5%. Bonds trembled. Commodities sighed. Yet none wept as bitterly as the digital currencies, for theirs was a fall not of inches, but of leagues. The Kobeissi Letter, ever the voice of weary optimism, shrugged. “Such corrections,” they mused, “are but the growing pains of a bull market. Deregulation cometh, earnings flourish, and the machines grow ever wiser. Ignore the noise.”
Today is one of those days:
Just about every asset class is trading lower today and all intra-day rally attempts are being sold.
It’s simply widespread profit-taking.
In our view, nothing has changed fundamentally speaking.
That said, the most healthy bull markets experience…
– The Kobeissi Letter (@KobeissiLetter) November 4, 2025
And thus, the world carried on-as it always does-leaving behind only the faintest echo of panic, a whisper of “What if?”, and the lingering scent of freshly printed doom.
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2025-11-05 11:13