Oil and Houthis push down stocks and crypto

Global stock markets are proving highly volatile this summer and the geopolitical situation isn’t helping much. Bitcoin has been unable to sustain its recent rally, trading back at $64,000 yesterday. Oil prices are climbing once again towards $100 a barrel and that puts pressure on investors.

Meanwhile, Musk warned short-sellers that SpaceX, which had seen its value drop, would ultimately be worth more than planet Earth itself.

Houthis

For the first time since May, the price of a barrel of Brent crude rose above $100 again yesterday. Houthi militias claim to have attacked two Saudi tankers in the Red Sea, placing another key oil supply route, in addition to the Strait of Hormuz, in the line of fire.

This development puts further pressure on already shaky stock markets, sending almost everything into a tailspin.

Bitcoin, which had been performing better over the past week, also fell, trading at $64,000 by Thursday afternoon.

Elon Musk’s boorish behavior also stood out. The man has a notorious dislike for short sellers, something that was already apparent at Tesla, but is now apparently furious that some on Wall Street (as well as a few Bitcoin whales) have the audacity to short SpaceX.

His tirade didn’t really help, as SpaceX hit a new low on Tuesday evening. The stock is now down about 40% from last month’s peak.