S&P 500 down 1.89% for the day on Friday, Bitcoin down 4.2% for the day, down 19% for the week

submitted by magnora7 from (self.finance)

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[–]magnora7[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

Market had one of the biggest crashes in a long time today, the Dow and S&P 500 are falling like a rock this last week. The "plunge protection team" is the only thing stopping the stockmarket from full on crashing right now. Saying "only crypto has taken a major hit" is going to be proven more and more false over the rest of this year, imo.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

Select 1y or 5y or max on this graph:

https://www.google.com/search?client=firefox-b-max&q=dow+graph

My point is that the long-term view is helpful in this case. The market is overvalued partially because of the foolish reduction of regulations several years ago.

And you posted your comment 3 hours ago, after the market rebounded today.

Thus the only currency that took a serious hit is crypto, and it remains down: https://coinmarketcap.com/

Select YTD or 1y, here:

https://coinmarketcap.com/currencies/bitcoin/

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

Yeah it plunged and then the plunge protection team saved it so it didn't close down for the day, but the volatility was extreme. Stocks will catch up with crypto soon enough, especially if the fed doesn't print more money and re-lower the lending rates back to 0%. The system has become hooked on free money and now it will have lot of trouble functioning without it.

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

The system has become hooked on free money and now it will have lot of trouble functioning without it.

Seems so