wrote on Thursday, the huge price spikes on bitcoin probably was attributed to hedge funds jumping into the crypto.
The hedgies jumped in as the Chicago Board Options Exchange, CME and Nasdaq came out with plans to offer options on bitcoin, which gave them a nod that the cryptocurrencies were here to stay.
There is no way you can say Wall Street is not piling into bitcoin the last two days.
The move from roughly $11,250 to $15,800 (see chart below) cannot be attributed to buy and hold crypto enthusiasts buying an additional 0.0002 bitcoin.
The booking of FANG profits is very apparent in the last five trading days as the Nasdaq has lost 1.7% in value.
The rotation out of high-flying tech stocks, which I
saw happening as the Trump tax cut moved through Congress last week, is continuing while the Dow Jones continues to move higher. Continue reading
Posted in Bitcoin, currency wars, economy, Gray's Economy, monetary, Stocks soar, Wall Street |
Tagged cryptocurrencies, digital currency, FANG stocks, Microsoft, Nasdaq, Trump tax plan |
If there was ever a way to discover who the winners and losers were under Obamacare the CVS agreeing to buy Aetna for $69 billion in cash and stock speaks volumes.
The proposed deal brings together two adversaries in the field of escalating medical costs.
The tax plan winding through Congress is becoming nothing the American middle class will appreciate.
The class warfare being put in the bill when all is said and done — perhaps before the end of the year — will not be recognized as beneficial to the dwindling ranks of middle class.