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JPMorgan says the recent cryptocurrency plunge and shift into riskier altcoin bets looks a lot like the 2017 collapse

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JPMorgan says the recent cryptocurrency plunge and shift into riskier altcoin bets looks a lot like the 2017 collapse
JPMorgan says the recent cryptocurrency plunge and shift into riskier altcoin bets looks a lot like the 2017 collapse
Emily GraffeoMay 26, 2021, 02:32 IST
Bitcoin replica coins are seen on November 13, 2017.Jaap Arriens/NurPhoto via Getty Images
Crypto's recent plunge bears some resemblance to the 2017 collapse, JPMorgan said.
The firm's Josh Younger noted that like the end of the 2017 bull cycle, investors are beginning to diversify out of
bitcoin and ether and into riskier
altcoins.
But Younger also said the crypto market is more resilient than it was in 2017.

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Bitcoin price prediction: Why it will drop to $25k then rally to $100k

Strategic Wealth Partners' Luke Lloyd told Insider he sees a massive correction ahead for bitcoin.
Lloyd said regulation fears will be the catalyst for a fall all the way to $24,000.
But he said he thinks its price will recover and surge to $100,000 by the end of the year.
Luke Lloyd is an outspoken bitcoin bull when it comes to his long-term outlook.
So it might have come as head-scratching news to some when the investment strategist and wealth advisor at Strategic Wealth Partners said on Fox Business' Varney & Co. that he'd cashed out of the cryptocurrency when it hit $40,000 for the first time in January.

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SPAC investing strategy, 4 sectors to watch: Morgan Creek's Mark Yusko

Mark Yusko
Morgan Creek Capital Management launched the third ETF to capitalize on the SPAC boom.
Founder Mark Yusko breaks down the strategy and how it could be beneficial in a bear market.
Yusko, a crypto bull, shares 3 other sectors to watch amid the SPAC frenzy.
Special Purpose Acquisition Companies have been among the most talked-about investing trends of the past year. After all
SPAC
launches in 2020 more than tripled from 2019, according to SPAC Insider.
Everyone seems to have one, from Colin Kaepernick to Bill Ackman to Billy Beane. Now, they are even the subject of a rap song called "SPAC Dream", which has over 98,000 YouTube views.

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Bitcoin bubble: The cryptocurrency could become 'worthless'

"We don't see it as a currency, or something that's going to be useful in the world at any time," Kiran Ganesh, a strategist at UBS Wealth Management.

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Stock market bubble: Ruffer's bitcoin strategy, SPAC fears, Steve Russell

This speculation could have significant knock-on effects.
"These are all what I would describe as typical signs of excess and definitely things that make us take a cautious view on the overall market," Russell said. "What's difficult to really put across is the fact that this excess is pretty much contained into large, but specific, pockets of the market."
Though the overall index could fall, it doesn't necessarily mean everything will go down in value, Russell said.
Russell is still investing in traditional businesses, such as retail, energy and financial companies, while avoiding momentum stocks, the FAANGs, as well as any business where investors are being asked to pay high multiples for future profits.

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