Stimulus stimulus stimulus!
The stock market and basically all risk-on markets saw a banner day today, sign of a bottom or a dead cat bounce?
For much of the last several weeks, risky assets have basically only gone one direction... down.
However, today there was an interesting development in the equity markets as well as the crypto markets.
We saw a market wide rally.
From stocks to bitcoin to altcoins.
It was a banner day and a relief from the blood letting we had grown accustomed to.
Why the bounce?
The reason for the bounce was a little more apparent this time around compared with others.
We had a fresh round of stimulus talks between both parties which actually sounded like it may go somewhere.
Both sides agree that more help is needed they just disagree on how exactly the country needs said help.
Today, there was a kernel of hope that they might be able to actually agree on something in the near future.
They have long said they agree on stimulus checks for Americans and that is what is expected to be included in this latest stimulus proposal.
They said they could vote on this new round of stimulus as soon as next week:
https://www.cnbc.com/2020/09/24/coronavirus-stimulus-democrats-prepare-new-relief-bill.html
The proposed stimulus is lower than democrats had been willing to go and higher than republicans had previosly been willing to go...
So, we will see!
(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)
But, was it the bottom?
I think this was the bottom yes.
Though that likely depends on whether we get more stimulus or not.
If we do, yes this was the bottom in stocks and in bitcoin.
If we don't get more stimulus but we get hints and stimulus in the future, yes this was also the bottom.
If we don't get more stimulus and it is unclear when or if we ever will, when then we might have some more pain to come.
I am betting on one of the first two scenarios mentioned above.
Hopefully you were buying stocks and bitcoin while you got em cheap!
Stay informed my friends.
Image Source:
-Doc
It is always hard to know the bottom!
I'm calling the bottom here...
What about you?
I focus building and grow my crypto business; I don't focus on the price variation.
What is your crypto business?
Or do you mean just holding more and more coins?
Holding more coins.
Oh I thought you were building something...
Yes, my crypto website, my youtube channel Crypto & Coffee.
Nice. Keep it up!
I think your probably right. I think there will be optimism in the next 30 days as we head into the fall and winter with cold weather, new or old leaders with both sides being optimistic and companies which have figured out how to prosper making more investments. I am feeling optimistic that both Steem, Hive and Leo are going to go up, my bitcoin and ether already went up, so I expect the usual choppiness in the charts but overall trend should continue upwards
I hope you are right about those altcoins... I haven't seen much to give my optimism for any of them outside of LEO as of late. Why do you think steem and hive are going to go up?