Point Roberts, WA and Delta, BC – May 19, 2021 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
Listen to today’s Crypto Corner Podcast:
Crypto Corner Podcast 593: Stocks discussed: (NasdaqGS: $TSLA) (NYSE: $WFC)
The crypto market is in the midst of a bloodbath this morning, as Bitcoin (BTC) and the majority of altcoins are decidedly in the red, according to data from CoinMarketCap. Bitcoin is down about 20 percent since yesterday’s Crypto Corner, and is trading for roughly $35,000 at press time. An article from Cointelegraph by Mumbai-based financial analyst Yashu Gola points out that this staggering dip puts Bitcoin “below the 20-week exponential moving average for the first time since February 2020,” which could be a bearish signal, though which also “has historically served as a primary downside target for bulls to accumulate BTC.”
Readers/listeners will recall that the current crypto crash has been widely attributed, at least in part, to the decision from Tesla (NasdaqGS:TSLA) to walk back on its recent adoption of Bitcoin payments, and further exacerbated by CEO Elon Musk’s comments which seemed to hint at an offloading of the crypto the company had acquired. Well, elsewhere on Cointelegraph today, William Suberg writes that, as a consequence of the price crash:
“[Tesla’s] profits from its BTC, which at one point totaled more than its entire history making electric cars, evaporated.”
Investorideas.com received the following commentary from Joe DiPasquale, CEO of BitBull Capital, which puts this seeming mayhem into a wider historical context:
“Bitcoin’s pattern over the last 10 years has been meteoric rises followed by pull-backs. The trend has been higher highs and higher lows: one year ago today, Bitcoin closed at $9,927 while it now sits at about $39K. While it’s certainly fallen from its $63K high, that is still a 300% rise. The fall in price is a natural consolidation period that we see as necessary for the support lines to form for future appreciation. We remain bullish on Bitcoin and confident that we will see Bitcoin at $100K in the future. It has a place in a portfolio as a hedge against inflation and as a truly finite alternative to USD and digital alternative to gold.”
Reuters reports that banking and finance giant Wells Fargo (NYSE:WFC) “is planning to evaluate and onboard an actively managed cryptocurrency strategy for its wealthy clients.” An excerpt from a report titled “The investment rationale for cryptocurrencies” reads:
“WFII [Wells Fargo Investment Institute] believes that cryptocurrencies have gained stability and viability as assets, but the risks lead us to favor investment exposure only for qualified investors, and even then through professionally managed funds.”
Sam Mowers, Investorideas
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