Daily Market Update - June 2, 2020- Mainstream Media peddle party narrative while Rome burns

$BTC 24 Hour High $10,199.56 $BTC 24 Hour Low $9,460.57 $BTC -0.78%

Bitcoin today reached a high over $10k, quickly to retreat as futures markets liquidated longs. Legacy markets continue to defy logic, and remain in the green despite fundamental destabilization of the US economy and negative interest rates. The market is at this point a monolith of debt that can never be unwound. If not for Facebook, Amazon, Google, and Netflix US markets would have zero ground for earnings based performance.

Meanwhile Fauci and Fed Chairman can't seem to align on a COVID narrative that plays into the imminent apocalypse scenario playing out in real time before our very eyes.

'Semiconductor Manufacturing International Corporation (SMIC), one of the largest computing chip producers in China, plans to raise $2.8 billion through an initial public offering on the Sci-Tech Board of the Shanghai Stock Exchange (SSE),' reports Coindesk. 

'The exchange has accepted SMIC’s application, according to a document filed Monday with the Hong Kong Stock Exchange (HKEX), where it is already listed. The company said part of the proceeds will be focused on developing 14nm chips, which will be used for crypto mining. 

The move comes just two months after the company announced a partnership with crypto miner maker Canaan Creative. The two companies plan to develop a mining machine for an undisclosed cryptocurrency with a relatively small market cap, rather than bitcoin due to current technical limitations.'

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