Crypto, Equity and Metal Markets Plummet: It’s the Economy, Stupid
So it turns out that the speculation-driven crypto, equity and metal markets are actually tied to ol’ thing called “the economy.” Who’d have thought it?!
It’s been a rough couple of months for stock markets, with tech earnings falling below expectations, and the US economic weakness deepening. So how have our beloved crypto, equity and metal markets been faring?
It’s been a wild ride for crypto investors. The price of Bitcoin dropped from an all-time high of nearly $20,000 in December of 2017 to a low of just over $7,000 in mid-February of 2018. Other alternative cryptocurrencies such as Ethereum, Litecoin and Ripple also saw steep dips in value.
Shares of tech giants such as Apple, Facebook and Google have been taking a hit, and the US markets have followed suit. The Dow Jones Industrial Average has plummeted by over 10% since its peak in January.
The precious metals market also got hit hard. Gold prices saw their biggest one-day plunge in over two years as investors fled to safer assets such as government bonds. Silver and platinum have also seen steep declines in prices.
So, What Now?
For all of us who got burned by all this market volatility, the good news is that the tech giants are still firmly in the driver’s seat. Apple and Google will most likely report strong earnings in the upcoming months.
As for the crypto market, well, that’s anyone’s guess. But hey, if you were brave enough to buy into the crypto frenzy before it happened, who’s to say you won’t be rewarded with a price recovery before more trouble hits?
At the end of the day, no one knows what will happen to the markets. So for now, we just have to hunker down, remember the Rule of HODL (never sell unless you absolutely have to), and hope that the US economy doesn’t fall into an abyss. After all, there’s no shortage of funnier, more entertaining ways to lose your hard-earned money!
Leave A Comment