#PaulEbeling #WallStreet #SP500 #bitcoin #ether #Bulls #bears #cryptocurrencies #DeFi #NFTS
$SPY $DIA $QQQ $RUT $VXX $BTCUSD $KNIGHTSUSD
“US stock benchmark indexes reversed Friday and continued through Monday as bears turned into Bulls in stocks and Bitcoin and so now some of the best future investment alternatives and ideas about finance do not come from Wall Street anymore“–Paul Ebeling
S&P 500 moves back into Green as Investors hedging this much often precedes US stock gains
DJIA +1.39 at 35091.13, NAS Comp -82.34 to 14015.66, S&P 500 -16.66 to 4483.87
Monday, the S&P 500 declined 0.4% slippage in the last 45 mins of action, which erased a 0.5% gainer for the benchmark index. The NAS Comp fell 0.6% after being up 1.0% intraday. The DJIA finished flat, while the Russell 2000 outperformed with a 0.5% gainer.
Bitcoin has become correlated with equities toward the end of Q-4 Y 2021 and fell when faced with the prospect of the Fed’s tightening, FSInsight told us in a note entitled “Digital Assets in a Post-Cycle World.”
- The correlation has become more pronounced with bitcoin and the wider crypto market now being strongly correlated with technology stocks because of “legacy market capital entering the fold,” the head of digital asset strategy, wrote in his note Friday.
- However, bitcoin is still King, he wrote, adding that the crypto could reach $200,000 in 2-H of this year, following a choppy start to Y 2022.
- FSInsight also said that decentralized finance (DeFi), non-fungible tokens (NFTs) and other Web 3 applications have driven massive growth of the Ethereum network.
- Ethereum is undervalued relative to cloud platforms, and ether, which is the native token of the network, could reach $12,000 in Y 2022, the report said.
- There is optimism surrounding Ethereum’s transition to proof-of-stake in Y 2022, which if it happens, would likely result in capital inflows irrespective of bitcoin performance, the note added.
- Bitcoin is trading at $43,996.22, +1,879.33 (+4.46%), as of 01:41AM UTC, the market is open.
Have a prosperous week, Keep the Faith!
