A meme-crypto named after the wildly popular Squid Game series soars and collapses in a day, producing billions in losses.
Apart from these being huge red flags of a market gone totally bubble mad, they prove that the very nature of markets has gone from investing, to speculation, to gambling, and now to full-fledged video game mode. I can easily picture young boys and girls sitting in front of trading app screens punching Buy/Sell buttons faster than Mortal Combat.
Securities markets are institutions supposedly REGULATED by the SEC, FINRA, CFTC, the Fed. On an immediate, hands-on basis, they are also regulated by the exchanges themselves, who can place trading halts on securities when deemed appropriate. All of them are now doing nothing of the sort, having apparently devolved into bystanders.
And how about cryptos? Is ANYONE regulating this Wild Wild West phenomenon? Obviously, no one.
The threat of this PlayStation market to the real economy is growing exponentially. Somebody has to step on the brakes. Are there any rational adults left, or is everyone involved under 12?