#MarketTurbulence This week something extraordinary happened: $1 billion was liquidated in a matter of hours. And all of this was due to the American Producer Price Index, PPI, rising slightly more than expected. You heard that right. This is not an explosion in mining, not a ban on bitcoin in a country, and not even a tweet from Elon Musk. The numbers appeared in the report, and traders lost their minds.

Bitcoin even briefly fell below $112,000, although we were recently told that "it won't drop below a hundred thousand." Of course. And we were also told that coffee prices wouldn't rise if wages at Starbucks were increased.