Rachel Warren

That's a

significant decline from its all-time high, over 126,000 in early October.

And I do think this decline is part of a wider retreat from speculative assets, both across traditional markets and the digital asset world.

I think we're seeing that at play right now.

And as you noted, during periods of economic stress or even market crashes,

crypto has often demonstrated a correlation with more traditional high-risk assets.

Obviously, crypto can be accessed and transferred globally with an internet connection, so there's a high degree of liquidity and accessibility, but still that correlation remains.

I think we're seeing that connection between real-world events and how crypto and stocks are performing.

I think we're seeing that now.

Could a crypto winter be coming?

I'm not really ready to call that.

But I think we do need to be realistic about how these assets perform in volatile market environments as compared to stocks.

Target's been dealing with a myriad of its own challenges for several years now.

I think in an environment where certainly consumers are under pressure, but they're also being very selective about where they put their money to work, I think we're seeing that play out.

Their Q3 earnings, there was a year-over-year drop in net sales and profits.

Comparable sales dropped.

Both gap and adjusted earnings were down.

Gap earnings per share actually fell about 19%.

Target's chief commercial officer noted that consumers are prioritizing gift-giving over other holiday spending, but broadly signaled that they expect a weak holiday spending season, even as they're introducing 20,000 or more new items across various categories.

And they're forecasting an ongoing sales slump.