• 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.
Disclaimer
CryptoSlate takes no responsibility should anyone lose money trading cryptocurrencies or investing in any project mentioned within this article. All readers are advised to do their own due diligence before taking any action related to content within this article