What you need to know on Wall Street today

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August 7, 2017 6:26 PM

Hello. Here's what you need to know on Wall Street today.

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Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.

The meteoric rise ofbitcoinis rippling through financial markets, and not everyone is enjoying the ride.

Just ask the unfortunate souls who have been trying to short chip makers and learning the hard way that their share prices are closely linked to interest in bitcoin. The stocks of companies likeNvidiaandAdvanced Micro Devices, which make chips used to mine, or produce, bitcoin — a process that involves heaps of computers solving complex equations — have surged alongside the cryptocurrency, destroying the short positions.

Short sellers betting against those two companies have lost a combined $1.8 billion this year as Nvidia has skyrocketed by 57% and AMD has climbed by 16%, according to data provided by the financial analytics firmS3 Partners.

And the fallout is already beginning. The Dallas-based hedge fund Carlson Capital's $1 billionBlack Diamond Thematic fundlost 14.2% this year through July, and it blamed, according to a client update reviewed by Business Insider.

Elsewhere in markets news and views:

A bunch of indicators are warning of "a break in the stock market"
Bitcoin's explosive gains could spell good news for stocks
Trump and Yellen could derail the stock market's hottest trade
One of the stock market's biggest opportunities is being ignored
MORGAN STANLEY: Warnings about a stock market crash are "out of whack" with reality
Hedge funders are receiving death threats after shorting Chinese companies in Hong Kong

In other news, Blue Apron is spending more than $400 for every new customer. Tesla is making a risky move by issuing $1.5 billion in debt

Lastly, here are 10 stylish watches you can buy for under $250. And guys can save hundreds on dress shirts with Business Insider's exclusive offer.

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