The big bounce that failed
3 min read

The big bounce that failed

Cryptic ball: a sign of humility.

This Monday I told you I fell the stock market would be calm this week. Boy, was I wrong. At least I wrote this didn't fell like a bottom, that was on point as all US stock indexes dropped like a rock today. What happened?

  • The S&P 500 lost 4%, experiencing the worse intraday fall since June 2020. The Nasdaq fell roughly 5%, but the tech-heavy index had experienced a worse crash this May 5th. The shares of Target, a major retailer, dropped 25%!
  • That's the kind of dump experienced only by shitcoins, right? And all this because the retailer's profits were hurt. And this reminded investors that the fear of an inflation-driven recession is a real - a natural concern.
  • Now, I'm expecting the stock market to continue the carnage this Wednesday and test last Friday's yearly lows. Curiously, even though bitcoin also descended to around $28.5k, the original cryptoasset has been resilient.
  • However, I'm not very confident bitcoin can resist much more in case macro bears do continue this attack - which is likely. On the bright side, as today's tweet tip shows, it also seems likely we're fast approaching a bottom.

All-in-all, even if there's not the risk of a fast crash in crypto now, this is a typical slow bleed - so watch out! And if life fxeels bad right now, remember that Mike Novogratz doesn't regret the Luna tattoo he did this January - saying instead that it is a "constant reminder that venture investing requires humility". LMAO!

Chart art: a sign of bearishness.

The crypto market hasn't been so bearish since last May! But how much higher can it go?

Three things: a sign of wisdom.

Tweet tip: a sign of potential capitulation.

When relief bounce?

Meme moment: a sign of genius.

If you haven't listened to Salem Ilese's cryptic duet then check the link on the meme!

Yug Network: a sign of the future.

Learn more about this fully collateralised stablecoin project I'm building.

Get started: download the B21 Crypto app!

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of the guidance in the report will lead to any particular outcome or result.