A darker mood is setting in across markets and, alarmingly, only one company can break the funk.
All of the frothiest bits of finance are now under pressure. Bitcoin — perhaps the purest gauge of speculative fervour — has dropped 29 per cent from its high and is now negative on the year.
Stocks in companies that buy and store bitcoin, and do little else (yes, this is a thing), are in severe distress. Biggest of them all, Strategy (formerly MicroStrategy), is down by more than 30 per cent this year, and over 50 per cent since its summer high. Its co-founder Michael Saylor has sought to instil confidence by posting an AI-generated image of a burning, sinking ship, urging his followers to stay strong.
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