• S&P 500 has gone into negative territory YTD while Bitcoin is up 35% YTD.
• Chaos in bank stocks as some are halted for volatility, with Western Aliance sinking a record 76%.
• Charles Schwab (SCHW) was also halted for volatility, dropping 41% to the lowest on record.
S&P 500 Goes Negative YTD
The S&P 500 index has gone into negative territory Year-To-Date (YTD), currently standing at -0.19%. This compares to Bitcoin which has surged by 35%, continuing its bull run.
Bank Stocks Halted For Volatility
The chaos in bank stocks caused some to be halted due to high levels of volatility. Western Aliance recorded a record drop of 76%, and were subsequently halted due to this volatility. The KBW index fell 4% to its lowest since November 2020 and First Republic Bank saw a record 67% drop at the open. Charles Schwab (SCHW) was also halted, dropping 41% to the lowest on record.
Assets & Share Prices
Assets have been changing over time, with Trading View recording Bitcoin up 35% YTD and both Nasdaq and TLT up over 7%. Bank share prices have also been recorded by Trading View, with significant drops seen at the opening of some banks such as Western Aliance’s 76%, First Republic Bank’s 67%, and Charles Schwab’s 41%.
Analysis from CryptoSlate Research Analyst James Van Straten
James Van Straten, Research Analyst at CryptoSlate commented that Bitcoin is “the greatest invention of the 21st century”, seeing it as a freedom and technology maximalist instrument. He believes that the current surge in price is just the beginning of Bitcoin’s growth potential in 2021 and beyond.
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