Momentum Monday – Bitcoin Goes Down ?

This post is by Howard Lindzon from Howard Lindzon

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Happy Monday everyone.

This weekend felt like a work week as crypto was in plunge mode.

In 2021 I have a 24/7/365 portfolio to look at as crypto has grown in size. Everyone seems to be blsming Elon Musk for a selloff in Bitcoin, but as Michael Batnick reminds us, Bitcoin crashes all the time.

The total market cap of all crypto is still north of $2 trillion.

As always, Ivanhoff and I got together to make Momentum Monday. The only real pain right now is in growth stocks. Not to scare anyone, but the last time turned down like this, it was just the beginning. Ryan has a great chart on the subject. The rest of the market sectors have a lot of leadership.

You can watch or listen to the show right here. I have embedded it below.

Here is Ivanhoff’s quick take:

CDC announced new guidelines last Thursday. Fully vaccinated people don’t have to wear masks outside or inside and can basically go back to their life before the pandemic. This woke the so-called back-to-normal stocks up. Retailers ETF was up 4% on Friday. Airlines, cruise lines, (Read more...)