Oh Boy 😱 ! These are crazy markets ! Crypto and NASDAQ sell-offs & COVID19 is back in Europe !

in HODL2 months ago

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Hello HODLers,

Well this is quite a hard day for all of us investors; we were used to markets only "going up" as Dave Portnoy used to say...

Well, today is a clear Cryptocurrency sell-off after a bunch of Pump and Dump / Ponzi scams (Hotdog, Spaghetti...).

But what is worrying me more despite the increase in COVID19 cases in Europe and the unstoppable path it seems to have in India; the sell-off of the US Stock Market is extremely bearish

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The Tech is driving this strong sell-off

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Crypto Markets are retreating

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Let's look at this graph and the big picture DeFi has been crazy for so many reasons and the bull market of the entire space has been growing strong during the summer.

Just 3 months ago the total Crypto Market Cap was <$300bn and we were seating at $470bn+ a few days ago.

At the current time of writing we are back to c.$350bn.

I truly hope tomorrow it will bounce a little bit but these moves are impressive.

Daily New COVID-19 Cases are picking up again !

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Even if it is fading in the US, COVID-19 is back in Europe

Spain

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France

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Both of these news are bearish as unemployment is still at very high levels and despite the fact that tech companies drove the SP500 up, the reality is more than 100% of the performance came from 5 stocks !

Let's see what happens but I would say if not done already to cash out or at least to not be too invested at the moment until this unfolds.

Stay safe,

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We have never seen the side effects of this virus in Winter and I think this time will be worse than the previous peak 😥

Back to top of Wave 1 new cases in Spain or France and we are not even at half of Wave 🌊 #2 ... 😔

CRASH is the right word
at least for NASDAQ!

Might be the case for the next few days if you ask me... retail investors have been pouring into these FANGS and Tesla stock to send them higher. They might sell all during the drop.

yes - let's see
I Am sure the Robinhooders are panicking!

Blood in crypto!!!

I wonder what David Portnoy has to say now since hes always making it seem like you can't go wrong in stocks...

On the other hand I wonder why there;s some type of correlation with crypto and stocks time and time again....

Indeed, let’s see what Dave says but it is just one day so now a Bearish move yet.
The correlation is more to flow of capital and « risk-on / risk-off » strategy.

Bitcoin is still linked to free money and speculation where it should be more linked to gold imho.

Cheers 🍻 mate !