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The Market Is Eager For A Rebound
Today stocks are but and a little surprising one would be stock tied to cryptocurrency. It overall feels like the market is seriously wanting a rebound as this bear market continues to drag its paws slowly into 2023.
The two theories currently floating around at Summer 2023 we could see the next bull rally or we could end up waiting until late 2024. But if there's one thing I've learned over the years you honestly never know what's coming next and just when you think you have it figured out it blows up in your face.
The big news today is Bitcoin hitting $17,000 and currently holding it which we have seen a few times in the past year always rebounding quickly if it fell bellow $16,000. I wouldn't consider us into a rally until we hit over $20,000 again and at least hold it for some time.
Let's take a look at a few of those stocks today.
Coinbase (COIN)
Coinbase has been blasted since it was first released as a IPO. At the time of release that stock was worth over $300 a share. Now drastically down but still moving along in the bear market. You could almost look at the bear market for crypto stocks starting almost a year ago in Feb but the decline into that bear market 1 year and 1 month ago in December. It's crazy to think we actully are and have been in a bear market for a little over a year already.
Coinbase continues to bring in new users and sizeable income for the type of company it is. It's also released other products like a NFT market place and continues to add more and more tokens to it's platform. Even under HEAVY pressures from the SEC and also people in general the company has been doing well in the bear market.
RIOT Blockchain INc. (RIOT)
Up a massive 20% today it's one of the leaders in this crypto stock related rally. Its a company that focuses heavy on both mining of bitcoin but also investing and working with other crypto companies. It's gone through a number of name changes since 2016 but RIOT seems to be holding and doing well.
SOFI Technologies Inc. (SOFI)
SOFI is a personal finance company and many might know it as a savings bank over anything else. However it has a heavy arm at the moment into the crypto space. I think that's what gives it an edge by being able to offer loans etc in crypto but also in stocks, personal loans etc. making it a rather robust banking system.
Overall the market looks hungry and eager to get out of this bear market so any little positive news such as bitcoin going to $17,000 and holding has been huge for these companies. The next telling signs will be the CPI number later this month and the next Fed rate hike actions. Look for those in the next few days to see how market perform and what the future might bring us.
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What are the dates of FED data announcements or rate hike?
CPI report will come out on Thursday the 12th. From that the market pretty much has a good idea of what the FED will do based on that number.
The Fed rate change can happen any time after that but often it's the 15th but I've seen it happen later a few times around the 21st.
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Thanks as a non US citizen I don't know this 😎
Crytocurrency is the most popular thig right now. I can say that so many things are created with the help of it. Like blockchain technology exist even in games Visit the official Play To Earn website thus creating a lot of possibilities for many players to use NFT market and even earn through games by selling in game things. There are also a possbility for developers to earn various awards, like for example 10 000 dollars. I don't know but it seems that this sum of money is actually pretty decent
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I’m more eager than this market 😬
Need to give it a swift kick. Getting tired of waiting lol
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An old-fashioned Gears of War curb stomp should do.
It almost feels like Covid all over again. People are tired of being cooped up in these shitty markets. Things could get crazy for a while if it breaks, but I would expect it to be short-lived if it does. The economy still needs a lot of work and the rate hikes are going to make it worse before it starts to get better. Just my uneducated opinion. lol
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Crytocurrency is the most popular thig right now. I can say that so many things are created with the help of it. Like blockchain technology exist even in games Visit the official Play To Earn website thus creating a lot of possibilities for many players to use NFT market and even earn through games by selling in game things. There are also a possbility for developers to earn various awards, like for example 10 000 dollars. I don't know but it seems that this sum of money is actually pretty decent
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since the beginning of the year we have seen a recovering market, some Altcoins have made big rebounds. such as Zilliqa, Decentraland and Solana. However I think that the danger of a new descent is not averted
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as for Coinbase, I remember it at $300. It will be tough to get those values back for Coinbase
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