Want to know where the crypto market goes from here? Barry Silbert, a power player in the digital-asset sector, says that investors ought to look no further than the stock market, in a Sunday-night tweet amid a downturn in digital assets.
Still, a number of market participants have tried to suggest that crypto’s recent slump has less to do with the fundamentals of digital assets, or the changing narrative and regulatory landscape, and more to do with Wall Street’s appetite for speculation. Silbert is considered a luminary in the world of digital assets, after founding two of the most widely known enterprises in crypto: Grayscale Investments, which runs the popular Grayscale Bitcoin Trust GBTC, -8.93%, and the Digital Currency Group, which also owns CoinDesk. He’s also been an early investor in companies such as trading platform Coinbase Global COIN, -3.88% and Ripple, a blockchain-focused startup behind the cryptocurrency XRP XRPUSD, +9.12%.
MarketWatch sister publication Barron’s reported that Tesla Inc.’s TSLA, -1.01% bitcoin holdings may very likely be sitting below where the electric-vehicle maker purchased its $1.5 billion position. Stocks and crypto aren’t supposed to be correlated, but some have pointed out that recently tech stocks have seemingly been reactive to crypto-related news. Market participants have pointed to short-term correlations between Nasdaq-100 futures NQ00, -0.09% and bitcoin:
Where the stock market goes from here will be influenced by the crypto market
No it’s not “completely” dependent on that but I’ll grant you that it is partially dependent on that. The other factor is the growing realization that crypto is a Ponzi scheme. As the fools dry up, crypto will collapse. And it’s going to hurt a lot of people.