Bitcoin Soars 35% YTD, S&P 500 Negative: Regional Banks Halted

• 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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