What to know:
- The general crypto market is undergoing a dramatic and rather flamboyant selloff — quite the spectacle!
- The Nasdaq, our dear tech barometer, has taken a graceful leap downwards, dipping approximately 7% in a rather unceremonious manner.
- Quinn Thompson, the sage of hedge fund Lekker Capital, prophetically advises cautious investing in risk assets, citing a brewing storm of hot inflation data and the ominous unanchoring of long-term inflation expectations.
Ah, January — a month that burst forth with the promise of speculative bubbles in memecoins, only to leave the crypto market gasping for air amid a seemingly existential selloff over the weeks. Quite the drama, no?
But oh! The declines accelerated with dramatic flair this week, fueled by a dampened risk-on sentiment in what was once a perky stock market. How poetic!
Just before the slow waltz towards Thursday’s close, the Nasdaq was pirouetting downwards more than 2%, whilst basking in the glow of a roughly 7% downturn over its recent escapades. Today’s tumult is led by the chipmakers, taking their cue from Nvidia’s (NVDA) less-than-stellar earnings disclosure. Indeed, NVDA is down by 5% — a tragic act in this grand play!
Such a selloff comes on the heels of once-lofty valuations and those proud stocks, which have now crumpled like stale bread. Throw in President Trump’s promiscuous tariff threats against Mexico, Canada, and China, set to commence this Tuesday, and voilà ! A correction is elegantly staged.
“Maximum caution is warranted in risk assets,” intoned Quinn Thompson, much like an ancient oracle. “The inflation data is arriving too hot to handle for the Fed to ease its grip on interest rates just yet. Long-term expectations are jauntily unanchoring upwards (a crimson flag indeed), and the U.S. economy seems to echo the hollow reverberations of what I shall aptly call the ‘Trump bump’ — now merely a dead cat bounce!”
As for crypto? Thompson, with a face as serious as a judge, laid down the law: “Not a whiff of good news has propelled prices upwards like a hot air balloon with a slow leak. Investors seem blissfully ignorant of the lurking bear markets and their ghastly presence.” He’s got his hawkish eyes fixated on the $70,000 range for Bitcoin by the end of March — a truly ambitious target!
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2025-02-27 23:48