Bitcoin

Bitcoin Plummets as Miners Sell Inventory, Spot Markets Panic


“It’s to be determined whether this is the start of a larger correction, but we have now seen this parabola break so it might just be,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore.Bitcoin has more than quadrupled in the past year, evoking memories of the 2017 mania that first made cryptocurrencies a household name before prices collapsed just as quickly.


Chief Executive Stanley Erck and three of his top lieutenants have sold roughly $46 million of company stock since the start of last year, according to a Reuters review of securities filings, capitalizing on a near 3,000% rally in Novavax shares fueled by investors betting on the success of the shot under development.


Indeed, the minutes of December’s Federal Open Market Committee meeting, released last week, reiterated that the central bank has no intention of tapering its stimulus any time soon, and when it does, the process will be extremely gradual.Some of the other potential contributors to higher yields, such as increased government default risk or more favorable growth prospects, are also unlikely to be in play.


This, as well as the hit on corporate earnings from the lack of economic growth, would exacerbate what is already an extremely large disconnect between financial valuations and fundamentals.The most dominant market view at the moment, and it is quasi universal, is that stocks and other risk assets will continue to rise because of the abundant liquidity injections coming from central banks and the allocation of more private funds.


The firm’s chief US equity strategist has raised his 2021 year-end outlook, bumping it up from 4,050 to 4,200.Golub points out, first, that the Democratic candidates won both of Georgia’s Senate seats in the recent runoff vote, a development that gives the Dems effective control – albeit at the narrowest of possible margins – of both Houses of Congress.


Will optimism prevail?See also: Benzinga's First Bulls And Bears Of 2021: Ford, Mastercard, PepsiCo, 3M, Tesla And MoreSocial media firms finally may be feeling pressure to take responsibility for our nation's discourse and behavior, according to Eric J. Savitz's "The Risks Are Rising for Big Tech."






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