News of a heavily mutated COVID-19 variant emerging from South Africa had hit the wires overnight. For a world trying to crawl out of the shadow of 2020, it was the ultimate "ghost of Christmas past."
As the sun set on that Friday, the markets closed with deep scars. It was a stark reminder of how fragile the "new normal" really was. Elias poured himself a glass of wine, the red liquid matching the candles on his screen.
Elias sat in his home office in Madrid, the blue light of three monitors reflecting in his tired eyes. At 8:00 AM, the screen was a sea of crimson. The news tickers were screaming a new name that the world hadn't heard yet: .
Elias reached for his mouse to sell, his finger hovering over the button. But then, he paused. He looked at the charts. This wasn't 2020. The world had vaccines now; it had systems. He watched the "Fear & Greed Index" peg itself into extreme terror. He didn't sell. Instead, he closed his laptop.
"Everything is on sale," he mused, "if you have the stomach for it."
By midday, the panic was tactile. Travel stocks like IAG and Amadeus were being sold off as if planes would never fly again. Oil prices were cratering, seeing their biggest one-day drop since the start of the pandemic.
The date was November 26, 2021. In the world of high finance and cryptocurrency, it wouldn’t be remembered for door-buster deals on televisions, but for a different kind of "Black Friday"—a market bloodbath that sent shockwaves through global exchanges.
Outside his window, the streets of the city were actually busy. People were carrying bags from Zara and El Corte Inglés, hunting for the usual Black Friday bargains, oblivious to the billions of Euros vanishing into the digital ether. It was a strange duality—the physical world was shopping, while the financial world was shivering.
