S&P 500 drops 3.5% yesterday, another 1.5% today so far, undoing 4 months of gains as it drops from an all-time record high, cryptocurrency markets drop 10% in response

submitted by magnora7 from finance.yahoo.com

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[–]magnora7[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

For the cryptocurrency bit, check out the graph for the last 7 days, the total market cap has dropped from $220B to $200B: https://coinmarketcap.com/charts/

I honestly expect cryptos to get down to a floor of about $100B before eventually spiking again. If the market seriously tanks, I think we'll see more people use cryptos as a hedge against stock market instability. But right now they're moving in tandem.

[–]exPFCwintergreen 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (2 children)

Gold, despite heavy trading to keep the price down, is heading up. Maybe I can have a winter vacation after all. Hot diggity gumdrops.

[–]magnora7[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

Interesting. Gold does seem at a low. I remember when it was $1800 several years ago, now it's $1200. I wouldn't be surprised to see gold move upward a lot if the stock market keeps going down.

[–]exPFCwintergreen 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

The dollar is slipping against some major currencies.

Stocks in orbit. Surely some revelation at hand.

Gold does seem at a low.

It's been dropping since June, but now looks like a turnaround. Vacation. Changes in latitude, changes in attitude. I got in way below $18000, and would like to quintuple the investment. Mustn't be too greedy.