Bitcoin briefly hits $82,000, SOL, DOGE higher as Michael Burry warns of stock crash
Key takeaways
- Bitcoin BTC$81,180.13 traded just over $81,000 in Asian morning hours Tuesday after briefly touching $82,026 overnight.
- Brent crude zoomed almost 1% to above $105 a barrel after President Donald Trump cast doubt on the ceasefire with Iran in remarks Monday, fueling concern that the closure of the Strait of Hormuz will be prolonged.
- MSCI's Asia Pacific index swung between gains and losses.
Bitcoin BTC$81,180.13 traded just over $81,000 in Asian morning hours Tuesday after briefly touching $82,026 overnight. Solana (SOL) and DOGE$0.1101 were the standouts among the majors, up as much as 2% on the day. BNB added 1.7% to $662, XRP held at $1.46, up 0.9% on the day while ether down 0.8%.
Investor Michael Burry, made famous in The Big Short for calling the 2008 housing collapse, warned in a Substack post that the Nasdaq 100 is trading at 43 times earnings, well above the implied level of around 30 times, and likened the current setup to "the scene of the bloody car crash, minutes before it happens."
Burry flagged the Philadelphia Semiconductor Index's 70% rally since the end of March as the centerpiece of what he called a parabolic surge in tech valuations, advising readers to take profits and reduce exposure to the AI trade.