🚨URGENT: CRYPTO JUST HAD ITS LARGEST HACK OF THE YEAR!!!
In a Nutshell
Bitcoin plunged after a $350 million hack on BitGet, part of nearly $2 billion stolen across 300+ crypto breaches this year, with the speaker closing their MSTR position for a $7,600 loss as markets sold off. The 10-year Treasury yield hit 19-year highs above 5%, pushing mortgage rates to 7.37% and signaling economic stress, while Starbucks' 250-store closure adds recession concerns. Despite the chaos, AI stocks remain at all-time highs, creating a stark disconnect from the broader market's struggles.
These notes were generated by AI and may contain inaccuracies.
Iran has set up a 7-day plan to reopen the Strait of Hormuz and restart negotiations for a final deal. The speaker jokes about Iran wanting to start a 7-day free trial with the US to reopen the Strait of Hormuz, but clarifies this is the current narrative being presented.
The 10-year Treasury pushed to levels not seen in 19 years, exceeding 5%. This benchmark affects long-term debt including mortgages, making it particularly serious for those trying to buy homes who haven't locked in rates yet. The average mortgage rate is currently 7.37% in the US, with rates potentially reaching 7% to 8% for those with terrible credit.
Starbucks is closing 250 stores across North America this week, presented as a recession indicator. Starbucks has been on a consistent downturn with a relatively flat day. McDonald's is trading incredibly oversold, along with other big household names on the retail side that are struggling.
Companies thriving and trading at all-time highs with fundamentals that align with their technicals are primarily AI-related. The speaker notes a disconnect between the Mag Seven companies (described as titans) and everything else being left behind. While acknowledging substantial value in AI and that this is where the future is heading, the speaker calls it a bubble.
Bitcoin suffered one of its largest hacks of the year with BitGet losing $350 million in a single attack. Nearly $2 billion has already been stolen across 300+ crypto hacks in 2026. The speaker questions how often bank accounts get hacked compared to crypto, noting that repercussions exist for bank hacks but crypto transactions largely occur on the black market. Bitcat was also hacked for nearly $200 million. The speaker emphasizes that the majority of crypto transactions still happen on the black market.
As soon as the BitGet hack news was announced, Bitcoin began to sell off and MSTR followed. MSTR reached highs of nearly $164 then hit lows of $162. The speaker closed their MSTR position at a $7,600 loss on the day, leaving only one lucky share, and closed their position fully. They also took a $300 loss on Bloom Energy, closing that position as well.
The main trades taken were shorts on MSTR when it became overbought. Overbought reversals are described as one of the speaker's favorite setups to short. They took profits, saw it rip back up, retested, opened another short, and sold back off. The Iran deal announcement caused markets to push up followed by a correction. The day had significant volatility but was active, and the speaker considers it a great day.
The speaker invites viewers to tomorrow's live trading session at market open, 9:30 a.m. Eastern time (6:30 a.m. Arizona time). The second link in the description leads to the LPP team where participants can watch every trade live and hear the thought process behind trades. This is presented as a great way for beginners to start their mornings. A sample live session is also linked in the description for those wanting to watch before joining. The speaker hopes to end the year on a green note.
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