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Hi Everyone,
Americans suffering financially from the coronavirus can sleep a little easier tonight with the knowledge that help is on the way.
A gargantuan stimulus package of $1.9 trillion has now passed Congress and was promptly signed into law by President Joe Biden.
Here we can see the specific makeup of how the money will be allocated. ... |
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The exuberance can be felt reverberating throughout the financial markets, as investors rejoice because of this new money set to enter the economy.
The Nasdaq composite index is leading with a gain of about 2.5%, as investors gleefully buy the dip.
The Dow Jones Industrial Average and the S&P 500 may not be up quite as much, but both are testing new all-time highs today.
The Federal Reserve, as we heard earlier this week, is happy to sit on the sidelines for now while the White House does the heavy lifting.
This is a dynamic that seems remarkably different from what's happening in Europe where fiscal (government) stimulus is taking a backseat to monetary (central bank) stimulus from the European Central Bank. |
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Beeple NFT 69
It's the talk of the internet today, and it is certainly worth celebrating!!
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The artist himself made it quite clear how surprised he was through a Twitter post.
He provided an intense, yet reasonable reaction for someone whose years of work has just paid off in a huge way.
This is by far a record, and not only for non-fungible token art. To the best of my knowledge, it is the most paid for a digital asset ever.
Something tells me that this record may not last very long, but what do I know? |
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Profits
Meanwhile, bitcoin is currently testing its all-time record high of approximately $58,354, according to Bitstamp data.
It's now nearly doubled since the start of the year, and we're still in the first quarter.
Even though bitcoin itself has seen phenomenal gains, some of the altcoins are seeing performance that makes bitcoin's gains look small.
There is no doubt that many crypto traders out there are currently overwhelmed by this newfound wealth, and many have become millionaires, just in the last two weeks.
For those of you lucky enough to be in this category, this may not be a good time to be greedy. Taking profits along the way can be hugely beneficial.
Just as you may have scaled into your position, now may be the time to think about scaling out. We don't know how much higher prices may go.
Some of the tokens may just be getting started, and others could crash tomorrow. We really don't know.
As investors, we need to make the best decisions with the information we have. Since we don't know where or when the top might be, the only prudent course of action is to consider all the possibilities and make decisions that we'll feel comfortable with regardless of the eventual outcome.
Wishing you all a happy moon.
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Mati Greenspan Analysis, Advisory, Money Management |
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