By beggars on Skatehive
Let's be real for a second. The vibes are not great. You've got a full scale war in the Middle East. The US and Israel launched joint strikes on Iran on February 28, targeting leadership and military infrastructure. Iran's supreme leader was killed. Iran retaliated by launching hundreds of drones and missiles at Israel and US bases across the Gulf. The Strait of Hormuz is effectively shut down, choking off roughly 20% of global oil supplies. Oil has surged from around $70 to over $110 per barrel. Not good. Economists are comparing this to the worst supply disruption since the 1970s. Airlines are rerouting flights around the entire Middle East. Countries like Pakistan and Bangladesh have moved to four day work weeks just to manage energy costs. Inflation projections are climbing everywhere. And crypto? When the strikes first hit, $364 million in crypto positions were liquidated in 24 hours. Bitcoin dropped from near $74,000 to the $65,000 range. It's bounced back into the low $70,000s s