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“Do not keep your money in the bank or you may find what once could have bought you a Ferrari, would now only get you a used mobility scooter with questionable stains on the upholstery.”
Stock indices around the world plummet on worst inflation fears in decades.
US tech stocks had a third consecutive day of disaster. The NASDAQ index plummeted almost 2.5% today due to increasing inflation fear. US consumer prices, measured by the Consumer Price Index (CPI or CPI index) rose at the fastest rate since 2008, reportedly after a shocking 4.2% rise in April.
Inflation has been a concern ever since the pandemic hit when governments and central banks had to pump money into the economy. Easy monetary policy was a necessary evil as millions lost their jobs from the worst pandemic seen in 100 years.
President Biden has caused further US inflation fears due to his wild $1.9 trillion ‘rescue plan’. That sort of government spending raised many eyebrows among economists and rightly so. When that money works it way through the economy and consumers start spending, prices will rise fast. Which is exactly what happened in April with the US dollar (measure by the dollar index) hitting...Read full story.
Elon Musk made his much-anticipated appearance on Saturday Night Live (SNL). It only took him 14 minutes until he plugged the wild meme cryptocurrency, Dogecoin.
Musk brought up his mother and she said “I am excited for my Mother’s Day gift. I just hope that it’s not Dogecoin”. Musk responded and laughed, “It is. It sure is,” this sent Dogecoin plummeting from around $0.70 to $0.49 per coin, a devastating almost 25% decline.
Dogecoin traders were waiting with bated breath for Elon Musk’s SNL appearance knowing that it would cause some market moving action. The fact that the price plummeted took them by surprise.
Dogecoin is a cryptocurrency that was created as a joke by software engineers in 2013, the coin is a derivative of Luckycoin. Unlike Bitcoin it does not have a fixed supply, however it shares many of its technical features to Litecoin.
In January 2021 it increased more than 800% thanks to Elon Musk and the market madness revolving around the GameStop short squeeze. It reached its all-time high of over $0.7 this week with a market capitalization of around $85 billion.
Due to the massive amount of trading activity around Musk’s appearance on SNL, the trading platform Robinhood temporarily crashed.
Dogecoin did rebound though slightly to around $0.56. Whether traders will see this as another ‘buy the dip’ opportunity or the end of an epic rally remains to be seen.
Bitcoin took a devastating blow yesterday when it fell below $50,000 per coin for the first time since early March. After hitting multiple all-time highs this year and almost reaching $65,000 per coin, in a single week Bitcoin shed almost $15,000 in value.
The reason? President Joe Biden!
Rarely does politics influence the cryptocurrency market since it is generally unregulated with governments and central banks having little control over cryptocurrencies. The lack of government control is one of the main reasons Bitcoin is so popular.
However, Joe Biden has announced plans to double capital gains tax to almost 40% up from 20% for people earning more than $1 million a year. Biden’s aim is to heavily tax the wealthiest Americans to tackle financial inequality and finance the increased government spending due to the pandemic.
This hit Bitcoin investors hard as the coin tumbled on the news. For wealthy Bitcoin investors they will lose 20% more of their profits to tax than they would currently. This triggered a massive sell-off as investors aimed to quickly sell coins before the White House officially passes the new tax plan.
The S&P 500 and the Nasdaq also took a hit as the capital gains tax applies to all investments. When asked about Biden’s tax plans, Jen Psaki, the White House press secretary said Biden’s view is that it should be on the backs of the wealthiest Americans, corporations and businesses who can afford it. She also stated that Biden’s economic team believes it will not have a negative impact on the economy.
With these drastic increases in capital gains tax and increases on corporation tax, the market outlook for stocks and cryptocurrency does not appear so rosy. It looks like hitting all-time highs is not something we will see in the foreseeable future with Biden at the helm of the economy.
We’re at a critical point for Bitcoin and the stock market!
Perhaps yesterday was a warning that the Bitcoin bubble is about to burst and take the stock market bubble with it. We are at a critical point, the next week will be vital.
Yesterday was a warning, a warning of how quick profits can be wiped out in today’s market. We are either witnessing the start of a devastating Bitcoin and stock market crash or another insane rally taking us to new highs.
Bitcoin and the NASDAQ 100 index have been moving rather in sync as of late, both hitting consistent all-time highs recently. Many of the stocks in the NASDAQ benefit from a Bitcoin rally such as financial technology companies like PayPal and GPU manufacturers like Nvidia. Tesla also announced it has directly invested in Bitcoin and have made substantial profits already.
However, when Elon Musk admitted via Twitter that Bitcoin may be highly priced and Janet Yellen called the cryptocurrency “inefficient” and “highly speculative”, the coin took a sharp correction. Although Bitcoin has had more institutional acceptance this year, it remains to be seen if a currency that can lose 20% of its value in one day is viable. It is still early days before Bitcoin will gain widespread acceptance.
Combined with the concern of interest rates rising with the 10-year treasury note yield hitting 1.36% and the 30-year treasury bond yield advancing to 2.17%, tech stocks had a major pullback.
The question is though, is this another buy-the-dip opportunity to reach more all-time highs or is it time to run for the hills as the markets are about to crash? Watch the full video to find out…
Reports are coming in that UK brokers are also manipulating the market by stopping retail investors from buying options on stocks, indices and futures contracts.
This comes after last week when US brokers such as Robinhood limited trading on certain stocks to fight the Reddit Wallstreetbets traders.
Watch the full video for the breaking news and let us know your thoughts on the current state of the stock market!
The institutional data from Nasdaq shows the hedge funds, mutual funds and other professional fund managers are selling their tech stocks at a rapid rate! They’re dumping them onto the retail investors!
Perhaps they see that a stock market bubble has formed and we’re due for a stock market crash soon in 2021.
Watch the full video to see what we’ve found that no other financial media company will tell you!
While we were doing research for our upcoming videos, we were sifting through tonnes of data on Bitcoin and found a very distressing and shocking fact.
This one factor could cause Bitcoin to crash in 2021 and it is only getting worse. Could this be when the Bitcoin bubble bursts?
Watch the full video to see our findings and let us know your thoughts!
Looking at the stock market data today and based on historical data of past stock market crashes, it looks almost INEVITABLE that a stock market crash is coming in 2021.
Watch the full video to see what we have found!
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