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Recap August 18: Worst Day for Stocks since 2019 – New Zealand Makes Bitcoin Legal (Recap Ep032)

In this recap, we find that U.S. stock markets had their worst drop of the year on Wednesday, with the Dow dropping 800 points or 3%. The U.S. trade war with China has been a central concern in recent days, but the U.S. Treasury yield inversion between the 2- & 10-year notes, had greatly raised the fears of a recession among investors.

World stocks were rising Friday morning as expectations grew of further stimulus by central banks, offsetting worries about slowing global economic growth.

New Zealand has decided to become the 1st country to legalize payment in Bitcoin with some stipulations. The ruling by NZ’s tax authority allows salaries & wages to be paid in cryptocurrencies such as Bitcoin from September 1, as long as the payments are in regular, fixed amounts.

New nuclear-powered missile explodes in Russia. Paulo Guedes said “if the opposition party wins in Argentina, Brazil will pull out of the Mercosur”. Chinese social media users were furious at Amazon. Trump’s interest in buying Greenland is heavily criticized. Street protests in Russia and Hong Kong.

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