And fears are the Fed will make matters worse this week when it raises rates an expected 50 basis points.
And it’s expected sort of to continue its high correlation with risk-on assets, which is most often seen in the NASDAQ.
Now, that being said, analysts and traders aren’t expecting market-shaking moves in crypto tomorrow– the main reason being that the market has sort of known about this rate hike for the past month.
That being said, talk of a taper tantrum or maybe more dialogue around what a potential balance sheet runoff could mean could send risk assets, Bitcoin especially, down below its previous lows.
And I think a lot of the anticipation is that, like all other risk assets, it’ll continue to sort of lose or subside, deteriorate, in value.
SEANA SMITH: David, while we have you, we also want to get your take on a story that was in the “Journal” this morning– it certainly is getting a lot of buzz.
But I think one thing to remember is that the NFT market varies a lot in terms of what kind of assets you’re talking about.
But social NFTs, particularly stand out projects like Moon Birds and the Bored Ape Yacht Club, have seen a lot of volume traded lately.
So I think the key thing to look at is sort of whether or not new buyers are coming in.
There are standout projects that are still moving ahead and, in some ways, making it look, in terms of volume, like the market altogether is moving up.
— African-American farmers lost about $326 billion worth of land in the U.S.
The treatment, a pill called Paxlovid, brought in $1.5 billion in sales during Pfizer’s first quarter, while its vaccine totaled $13.2 billion, reflecting the need for tools to combat the virus despite a slowdown in cases and a growing sense of life trying to return to normal.
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