Bull Markets end with an attack on the most vulnerable/overhyped stocks. In the year of 2000 it was the .com stocks that had been bid up to the kazoo. In 2007 it was the mortgage industry. This year it is the cryptocurrencies.
Cryptocurrencies are even more worthless than paper currencies. Their only virtue is that they are not printed by the government and thus can not be counterfeited by the government. They have been hacked though.
Here are the major indexes:
The Bitcoin:
The DOW:
and Gold:
The graphs show that Bitcoin hit its top Dec 18, Gold on Jan 24 and the DOW on Jan 25. By now Bitcoin had lost about half of its value, while the DOW about 10%. Gold has gone from 1368 to 1314; down $54 or 5%.
Experts differ on what will happen next. Bitcoin is expected to disappear, gold is expected to soar and the DOW may or may not recover. Mr Casey is expecting a 7 year Bear Marker for stocks. Me? I don't know.
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