- Oops!Something went wrong.Please try again later.
- Oops!Something went wrong.Please try again later.
These companies are soaring because investors are tired of not getting into big-name offerings at reasonable prices.
These companies are soaring because investors are tired of not getting into big-name offerings at reasonable prices.
The gold markets have shown themselves to be resilient after initially pulling back during the day. In fact, we find ourselves testing a significant downtrend line that could open up a huge move higher.
(Bloomberg) -- Bond markets are famous for pushing their agenda, and in east Europe right now, they’re pushing for rate increases, never mind what central banks have to say on the matter.Yields on bonds of Hungary and Poland are rising faster than anywhere else in Europe. Hungary’s jumped 32 basis points last week, signaling traders are primed for rate liftoff as inflation roars back to life ahead of widespread economic re-openings this summer.Like peers in Frankfurt, central bankers in Hungary and Poland have signaled they’re in no rush to curb inflation that may turn out to be temporary, preferring to wait and foster still-fragile economic recoveries from the pandemic.Traders are less patient. In Hungary, market-implied pricing shows expectations for 130 basis points of rate hikes in two years, according to Bloomberg data.“The central bank is walking a tightrope here,” said ING economist Peter Virovacz. “If it manages to communicate in a credible way that it believes CPI would return to its 2%-4% tolerance band next year, it can wait out the spike and avoid a hawkish cycle.”The situation brings to mind the quip by political adviser James Carville that when he dies he wanted to come back as the bond market because “you can intimidate everybody.”Carville was talking about traders who pushed up yields in protest against a ballooning budget deficit in the mid-1990s, but there are parallels with the Hungarian and Polish bond selloff on concerns that an economic boom will create an inflation spiral.These latter-day vigilantes may be gaining the upper hand, with strategists at JPMorgan Chase & Co. reiterating their advice to stay underweight bonds in central and Eastern Europe.A premature end of purchase programs is a big risk for Poland, where the central bank has bought the equivalent of 48% of issuance and in Hungary where it accounts for almost a third of purchases, according to JPMorgan.QE ConundrumIf Polish policy makers bring forward their timetable for raising rates, the central bank would also have to wind down its quantitative-easing program, potentially removing the current backstop for the market.One Polish policy maker, Eugeniusz Gatnar, recently called for a rate increase in June. Yet his voice remains in the minority on the 10-person panel. Polish central bank Governor Adam Glapinski has said that rates will stay at their record low until the end of the current policymakers’ term, which ends in early 2022.Still, the inflation threat may be real: in Hungary the pace of annual consumer prices recently accelerated to 5.1%. In Poland it’s running at 4.3%. Both blew past the upper limit of the central banks’ tolerance range, and compare with an inflation reading of 4.2% in the U.S. that sent markets into a tailspin last week.“With inflation surprising to the upside and growth on the mend, we think the market narrative will increasingly focus on the sustainability of QE in CEE,” according to JPMorgan emerging market strategists including Saad Siddiqui.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The IRS detailed on how it will handle a mixup involving a tax break for jobless benefits that became law a month after many already filed returns.
Two of the world's most prominent billionaires Tesla Inc.'s CEO Elon Musk and Jack Dorsey are facing off over the merits of bitcoin, with the future of the world's No. 1 crypto likely hanging in the balance.
Churchill Capital Corp IV (NYSE:CCIV) stock is trading under $18 as of this writing, a far cry from its astonishing 52-week high of $64.86 per share. Several stocks suffered due to the wider EV selloff, but few were hit as badly as CCIV stock. I still believe, though, that the blank check company got a raw deal. Source: gg_photography / Shutterstock.com Shares of Churchill rose by more than 470% after a merger between the special purpose acquisition company (SPAC) and Lucid Motors was announced. The excitement was understandable. After all, Lucid is led by ex-Tesla (NASDAQ:TSLA) engineering executive Peter Rawlinson. Plus, unlike several other companies in the space, Lucid is gaining a lot of traction in preorders. Lucid has sold out every available reservation for its Lucid Air sedan in Dream Edition trim, priced at a whopping $170,000 (minus rebates and options). That kind of momentum is hard to come by in the electric vehicle (EV) space. Just ask Hyliion (NYSE:HYLN), which is still struggling for preorders despite an innovative plug-and-play electronification product for existing Class 7/8 trucks and tractor-trailers.InvestorPlace - Stock Market News, Stock Advice & Trading Tips If you are more of a day trader, the merger has not closed and the ticker has not started trading. Usually, that is when these SPAC stocks start to lose a bit of steam. All things considered, the steep drop has created a buy-the-dip opportunity that is too good to ignore. CCIV Stock Is Poised for a Comeback As I write this piece, CCIV stock has started moving towards its PIPE placement price of $15. Usually, this price is $10. The increase occurred because CCIV was changing hands for nearly $60 when the Lucid Motors merger was announced. 10 Dividend Aristocrat Stocks for Your Reliability Short List From a technical standpoint, the chart is not good. It has broken support at the 20-day moving averages. The 14-day Relative Strength Index (RSI) is also neutral at 37.7. It’s strange for CCIV stock to find itself in this position. I believe it’s linked to the sense that SPACs are cooling off in favor of investments in traditional industries. Additionally, regulators are coming down hard on the SPAC world, which has brought deal volumes down significantly from the first quarter of the year. All that being said, with the merger, Lucid Motors will have approximately $4.4 billion to finance its expansion. The company is also preparing to start making the Lucid Air, the company’s answer to the Tesla Model S, in the second half of 2021. And as I mentioned earlier, preorder momentum is strong. Plus, a pop is inevitable once the stock starts trading and we get our first earnings reports and delivery numbers. At least, that’s the pattern we have seen with the U.S.-listed Chinese electric vehicle (EV) makers Li Auto (NASDAQ:LI) and XPeng (NYSE:XPEV). Upset the Applecart Finally, a few reports show that Lucid Motors is in talks with Apple (NASDAQ:AAPL). Now, I am not trying to say that an Apple deal would not be big for the company. Any agreement between the two companies will be extremely fruitful for Lucid. But I am a bit gun-shy after the Workhorse (NASDAQ:WKHS) USPS debacle. For the uninitiated, retail traders bet the house that Workhorse would get a USPS contract to assemble 50,000 to 165,000 new vehicles for its fleet to be delivered over the next 10 years. However, USPS awarded Oshkosh (NYSE:OSK) the contract in a surprising turn of events. As a result, shares lost $2 billion in value after the electric vehicle maker missed the Next-Generation Delivery Vehicle contract. I do not think there is any chance of that happening to CCIV stock. But investing in this stock should not be based solely on the Apple deal, as enticing as it is. Even when you set aside the benefits of the potential deal, there is a lot to look forward to when it comes to Lucid Motors. Solid Stock, Wrong Timing It makes sense that investors are now pouring capital into traditional areas such as housing and lumber stocks. As vaccines continue to roll out and the year progresses, we will see a massive resurgence in companies that did not get a lot of love last year. But that does not mean that EVs are suddenly a bad place to park your capital. Each stock needs to be judged on its own merits. Despite the industry trend, CCIV stock has potential and is a good contrarian play for your portfolio right now. It doesn’t matter if you are a day trader or a passive investor at this point. Once the merger is complete and the ticker starts trading, you can decide if it’s good to exit then. On the date of publication, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Churchill Capital IV Looks Poised for a Comeback appeared first on InvestorPlace.
Now that the IRS knows more about your earnings, you may be eligible for more support.
The agency is plagued with setbacks that are causing a major backlog of returns.
Here's how to tell if dogecoin's rebound is more bark than bite, according to technical analysts following the popular crypto.
Last week, we witnessed a classic “buy the rumor, sell the news” event with the cryptocurrency Dogecoin (CRYPTO:DOGE). Many Dogecoin enthusiasts were hoping that Tesla (NASDAQ: TSLA) CEO Elon Musk’s stint hosting the television show “Saturday Night Live” would lead to higher prices. After all, Musk has been known to pump the price of this cryptocurrency on Twitter and has been one of its biggest supporters. With so many Dogecoin holders anxious to see what the Dogefather had to say Saturday, the price of cryptocurrency rallied hard into the event to hit a record high of $0.74. Unfortunately, Doge investors learned that sometimes these types of events simply cannot live up to the hype. The price of Doge dropped more than 30% following the premiere of the show after Musk failed to deliver the praise for the cryptocurrency investors were hoping for. Traders can learn a lot from this story, particularly since this “buy the rumor, sell the news” scenario repeats itself time and time again in financial markets. It highlights just how difficult it can be to trade based on the news and should be viewed as a cautionary tale. With that said, perhaps the most important lesson here is that instead of gambling on Dogecoin, why not learn a trading strategy that can deliver real results? For example, Mindful Trader has created a data-driven swing-trading strategy that can potentially help you grow your account. Because he has analyzed and dissected historical stock market price data to test his trading strategy, you won’t have to worry about trying to guess right on binary events like the one mentioned above. Instead, you can use a statistical approach with proven results to take your trading to the next level. Signing up for the Mindful Trader service gives you access to tutorials and all the trading rules he uses for successfully generating returns with stocks and options trading. He also provides data-driven stock picks that he trades himself, which allows you to learn while following his suggestions. Whether you are a beginner trader or a seasoned veteran, Mindful Trader has something for everyone. Since Mindful Trader uses a swing-trading strategy that relies on price movement, not hope, you will always be confident in making a trade. That means you won’t have to trade the news and rely on hype to potentially generate returns like those unfortunate Dogecoin investors mentioned above. Check out this link to learn more about Mindful Trader’s trading strategy and why it’s such a smart alternative to gambling with Dogecoin. See more from BenzingaClick here for options trades from BenzingaThese OTC Securities Had the Most Trading Activity in April3 Advantages to Binary Options Trading with Nadex© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Dogecoin will likely transition from a proof-of-work protocol to proof-of-stake, speculated Alex Mashinsky, the chief executive and founder of The Celsius Network on Friday during a webcast hosted by his lending platform on YouTube.
"Market makers were heavily short puts in the range of $52,000 to $50,000, and I estimate were forced to sell nearly 2,900 bitcoin," one trader said.
When in February Glauber Contessoto decided to invest his life savings in Dogecoin (CRYPTO: DOGE), his friends questioned his mental soundness. Now that this decision has made him a millionaire (on paper), many may also be bewildered by his decision to not liquidate the investment. What Happened: Contessoto told The New York Times that his friends and family called him "crazy" when he made the decision that made him a millionaire. “It’s a joke coin. It’s a meme. It’s going to crash," he said his friends told him. Still, the markets are hardly following good sense these days, and Dogecoin has grown to become a network more valuable than blue chip companies Ford Motor (NYSE: F) and Kraft Heinz (NASDAQ: KHC). Like many others, Contessoto read about Dogecoin on Reddit. Then he made the unusual decision of going all-in on the coin: He maxed out his credit cards, borrowed money on Robinhood and spent everything he had. The value of Contessoto's investment is now about $2 million, making him a perfect example of what the article describes as "a new kind of hyper-online investor who is winning by applying the skills of the digital attention economy — sharing memes, cultivating buzz, producing endless streams of content for social media — to the financial markets." Such investors aren't interested in investing rationally. Instead of deciding what to invest in based on fundamentals, they invest according to what is funny or futuristic-looking or by how many celebrities are tweeting about it. “Memes are the language of the millennials," Contessoto said. "Now we’re going to have a meme matched with a currency.” Playing The Story: Contessoto explained that he believes that "Dogecoin has the best branding of all cryptocurrency" and that all the other coins appear "super high tech and futuristic," while Dogecoin "just looks like: 'Hey, guys, what’s up?'” While that may not be the most scientific of explanations, he believes that this is a big plus given that newbies investing in cryptocurrency for the first time might prefer investing in something more fun and recognizable. This Dogecoin millionaire believes that the coin's price will continue its ascent and does not want to miss out on future profits. He has already lost hundreds of thousands since the coin was at its all-time high, but he plans to continue holding and only liquidate 10% next year, once his earnings will be classified as long-term capital gains and taxed at a lower rate. See more from BenzingaClick here for options trades from BenzingaCardano And Polygon Skyrocket To New All-Time Highs As Investors Seek Elon Musk's Next Favorite CryptoHere's How You Can Get Shiba Inu For Free© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Mortgage rates fall again to hold at sub-3% levels for a 4th consecutive week. Inventories continue to push house prices higher, however…
With the right asset allocation and withdrawal strategy, investors may not worry so much about the large sum of money in their accounts.
An improving economy and rising inflation are likely to pull rates higher before long.
Institutional investors do not take kindly to inflation and they sold. 1. If indexes fall below their moving averages, take action: Traders and investors alike should watch moving averages, especially the 50-, 100-, and 200-day. When the indexes were sliding a few days ago, the S&P 500 (SPX) for example, did not break its 50-day moving average at 4050.
(Bloomberg) -- Billionaire George Soros’s investment firm snapped up shares of ViacomCBS, Discovery and Baidu as they were being sold off in massive blocks during the collapse of Bill Hwang’s Archegos Capital Management.Soros Fund Management bought $194 million of ViacomCBS Inc., Baidu Inc. stock valued at $77 million, as well $46 million of Vipshop Holdings Ltd. and $34 million of Tencent Music Entertainment Group during the first quarter, according to a regulatory filing released Friday. A person familiar with the fund’s trading said the company didn’t hold the shares prior to Archegos’s implosion.Archegos, the family office of former hedge fund manager Hwang, fell apart during the last week of March after amassing large leveraged positions in a concentrated portfolio of U.S. and Chinese companies. At its peak, the family office had more than $20 billion of capital and total bets exceeding $100 billion.Hwang was wiped out in just days after investments including ViacomCBS and Discovery tumbled, triggering margin calls from global banks, who then sold the stocks in the big block trades. The fiasco is expected to cost the finance industry about $10 billion, has prompted an investigation by the U.S. Securities and Exchange Commission and caused heads to roll at Credit Suisse Group AG, where the hit exceeds $5 billion.The 13F filing provides one of the first examples of how a hedge fund attempted to capitalize on the distressed remains of Archegos. It also offers an insight into Soros’s investment firm, which is run by Chief Investment Officer Dawn Fitzpatrick.She told Bloomberg in March that she was willing to jump on dislocations in the market, investing $4 billion during the pandemic-induced swoon a year ago, including buying residential mortgages on the cheap. Soros returned almost 30% in the 12 months through February and manages $27 billion across a range of strategies.“When there’s a dislocation, we’re prepared to not just double down but triple down when the facts and circumstances support that,” Fitzpatrick, 51, said in a “Front Row” interview on Bloomberg TV.Soros also increased its bet on Amazon.com Inc. and homebuilder DR Horton Inc., which is now its second-largest public equity position.The 13F, which money managers overseeing more than $100 million in U.S. equities must file quarterly, revealed that Soros held $4.5 billion of U.S. equities, down $77 million from the prior quarter.The biggest exit in the quarter was Palantir Technologies Inc. Soros sold 18.5 million shares valued at about $435 million. The firm originally revealed it owned a stake in the controversial data-mining company controlled by Peter Thiel in November, but rapidly issued a statement saying the original investment was made in 2012 and it regretted the decision.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Sanjeev Gupta’s plans to save his sprawling metals empire were mired in confusion on Saturday as a key financial backer sent mixed messages about its support in the wake of a U.K. fraud probe.On Friday, the Serious Fraud Office launched an investigation into possible fraud and money laundering at Gupta’s GFG Alliance That initially prompted White Oak Global Advisors LLC -- which had recently offered loans to his U.K. steel businesses and one of his Australian units -- to say it wasn’t in a position to continue discussions with a company facing a probe.Hours later, a spokesperson for the San Francisco-based lender said it was continuing efforts to refinance Liberty Primary Metals of Australia, “subject to financial due diligence and acceptable governance.” Last week it had agreed terms with Gupta to refinance the unit.The apparent reversal throws the fate of Gupta’s businesses into further confusion. It’s unclear whether the loan to the Australian unit, which includes the Whyalla steelworks, will still go ahead as planned or depends on the SFO investigation.White Oak declined to comment Saturday on the status of a reported 200 million pounds ($282 million) of lending to Gupta’s U.K. businesses, The company also wouldn’t comment on a report in the Financial Times saying White Oak may be reluctant to walk away because it has a financial exposure to Gupta’s businesses after buying up debt from the steel tycoon.GFG said Friday it will co-operate fully with the SFO investigation. It declined to comment on White Oak’s decision.Gupta has been scrambling to find new financing after Greensill, his biggest lender, fell into insolvency. His group employs 35,000 people across 30 countries, all which may be in danger of losing their jobs if the tycoon can’t secure replacement loans. He faces an uphill battle, with the SFO probe likely to deter many potential financiers.The exact scope of the SFO investigation isn’t yet clear. Four banks stopped working with Gupta’s Liberty House Group trading business, starting in 2016, amid concerns about what they perceived to be problems in paperwork provided by Liberty, Bloomberg News has reported. In one example, the company had presented a bank with what seemed to be duplicate shipping receipts. A spokesman for Gupta has denied any wrongdoing.The two-month period from when it started looking into GFG and its financing by Greensill to announcing the formal probe is a quick turn-around for the SFO, which often takes years to publicly confirm it’s taking action against a company.It will now start to gather evidence, including securing devices and documents. However, it’ll likely take years for the office to make any tangible updates to the investigation, including whether it decides to charge individuals as part of the probe.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Lawmakers are looking for quick action to improve an existing forgiveness program.
On Wednesday, Ethereum (CCC:ETH-USD) co-founder Vitalik Buterin donated some $1 billion in Shiba Inu (CCC:SHIB-USD) crypto to help India fund its Covid-19 response. Source: shutterstock.com/JFunk The strange thing? Buterin never bought the Shiba coin himself. Instead, the Shiba community had gifted him the crypto as a joke. By sending him 50% of the outstanding coins, the gag went, the currency would become immune to a “rug pull” where controlling stakeholders hijack the coin for personal gain. Other joke cryptos — from Akita Inu (CCC:AKITA-USD) to Dogelon Mars (CCC:ELON-USD) — have since done the same.InvestorPlace - Stock Market News, Stock Advice & Trading Tips At the time, the 505 trillion Shiba coins were worth precisely $0, according to CoinMarketCap. Their first recorded price five months later — a princely sum of $0.0000000013 — would have valued Buterin’s coins at just $560,000. Fast forward to today and his SHIB coins alone are worth well over $9 billion. His other holdings add several billion more. 10 Dividend Aristocrat Stocks for Your Reliability Short List Already in 2021, cryptocurrencies have become one of the strangest financial manias in human history. Since January, digital currencies have added more than $1.3 trillion in market capitalization, growing far faster than the Nasdaq bubble of 1999. Traders have bought and sold trillions of dollars in cryptocurrency in the first five months of this year, even more than Americans spend on housing annually. As financial institutions start jumping into the fold, things will only get stranger. Much like the media giants of 1999, the U.S. banking sector of 2021 has begun rushing into an industry for fear of missing out. Whenever banks have run into an industry they don’t quite understand, the results have always been the same: historians look back and ask, “what on earth were those morons thinking?” The 2021 Crypto Bubble: Echoes of 1999 So far, the rise of cryptocurrencies has followed the same pattern of most asset bubbles: A grain of truth emerges (the idea that cryptocurrencies can help grease the wheels of finance). As the dominant players win (i.e., Bitcoin (CCC:BTC-USD) and Ethereum rise), the initial grain of truth gets stretched to extremes (the idea that all cryptocurrencies must win). The bubble bursts, leaving speculators with severe losses. The 1999 tech bubble followed this arc to a tee. For example, in 1999, one University of Pennsylvania study counted no fewer than 1,500 online marketplaces, as companies scrambled to join the internet revolution. Legacy firms like Mattel (NASDAQ:MAT) and Time Warner (now owned by AT&T (NYSE:T)) went on to splash out billions in buying these unprofitable tech moonshots. But the bonanza didn’t last. By 2004, only 31 had survived. Of those, only one public company — 1-800Contacts — ended with a price above its initial public offering. The remainder would spend years recouping lost share prices. (It would take Amazon (NASDAQ:AMZN) almost a decade to break out of its $90-range.) As for the legacy firms that bought in on fear? Time Warner would eventually write down 97% of AOL’s value, while Mattel would sell The Learning Company for a “catastrophic $27 million.” Fools Rush In Legacy banks have already started feeling the echoes of 1999. Much like the rise of digital media companies, today digital currencies pose an existential threat to existing players. Every dollar of deposits lost to Bitcoin or central-bank digital currencies means less available for lending. Many point to Facebook’s (NASDAQ:FB) Libra as the “Sputnik Moment” for banks. If a tech firm could issue a currency, why would customers need commercial banks? In response, bulge-bracket banks have rushed to develop in-house crypto platforms. Those without the means have started splashing out on acquisitions instead. According to PwC, a global consultancy, crypto deal-making already doubled in 2020 to $1.1 billion — a minor but rapidly growing figure. Now, 2021 has turned out even stranger. This week, the Andreessen Horowitz-backed Internet Computer Price (CCC:ICP-USD) quickly hit a $45 billion valuation. Today, it is the ninth largest cryptocurrency in the world by market cap. Few developers back the new currency, but its star-studded team was enough for investors to buy in. This Time It’s Worse: The Rise of ScamCoin It’s no surprise that the 2021 crypto bubble has inflated far faster than the 1999 tech one. Unlike dot-com companies, a skilled programmer can create a new cryptocurrency within minutes. Many tokens on the Ethereum or Binance (CCC:BNB-USD) blockchain don’t even bother with innovation — coins like SafeMoon (CCC:SAFEMOON-USD) copy their code directly from existing tokens. CoinMarketCap now counts over 5,000 different digital currencies. Adding in Ethereum and Binance’s token contracts puts that figure well over 700,000. In April, one TikTok creator made a coin called “SCAM” to highlight the absurdities of these copycats. “I just made the coin as a joke,” said Andre Lewis. The internet had the last laugh, sending the coin to a $70 million valuation within an hour. Within four days, the token would reach a peak value of almost $12 billion before Lewis shut the entire project down. How did this happen? In their rush to adopt digital currencies, institutional investors have created an aura of legitimacy around cryptocurrencies. Today, firms from JPMorgan to Citibank publish glowing reports on six-digit price targets for Bitcoin. That means legitimate cryptocurrencies like Ethereum now trade alongside jokes like Shiba Inu. As more cryptocurrencies join the fold, it will become increasingly difficult to tell them apart. Will Any Crypto Win? To a certain extent, all cryptocurrencies essentially serve the same purpose — to help investors record monetary and real-world transactions. Ethereum and its “Ethereum killer” competitors — like Cardano (CCC:ADA-USD) and Polkadot (CCC:DOT-USD) — track nonfungible items in the real world. Meanwhile, Bitcoin and competitors like Dogecoin (CCC:DOGE-USD) and Litecoin (CCC:LTC-USD) act as stores of digital value. That means the survival rate for cryptos will likely be lower than those seen by 1999 e-commerce companies. When coins like Litecoin and Dogecoin have practically zero technological differentiation, there’s no practical reason for both to exist. Like past bubbles, retail investors will be the first ones to lose. Currencies like Dogecoin, SafeMoon and Shiba Inu have already lost traders billions from peak to trough. Copycats like Dogelon Mars, SafeMars (CCC:SAFEMARS-USD), and Akita Inu will likely keep these miniature boom-bust cycles going. But institutional investors will eventually inflate the broader bubble to a breaking point. From the Savings and Loan (S&L) Crisis of the 1980s to the mortgage-backed bonanza of the mid-2000s, financial institutions have a long history of taking good ideas to terrible extremes. Just like one Citigroup (NYSE:C) executive said in 2007, “as long as the music is playing, you’ve got to get up and dance.” In the near term, that means Bitcoin and its blue-chip altcoin counterparts will continue to see their values inflate. Financial institutions seem intent on keeping up with central banks and tech firms in adopting digital currencies. In the longer term, however, most cryptocurrencies will implode. Like Amazon’s competitors that went bankrupt, most of the 700,000 tokens today will disappear. Just like the 1999 bubble, we’ll look back at 2021 — a year where billions in Dogecoin rested on a single SNL performance — and wonder “what were those morons thinking?” On the date of publication, Tom Yeung did not have (either directly or indirectly) any positions in the securities mentioned in this article. Tom Yeung, CFA, is a registered investment advisor on a mission to bring simplicity to the world of investing. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post SafeMoon, Shiba Inu, Dogecoin: The 2021 Crypto Bubble Is Unlike Anything We’ve Seen appeared first on InvestorPlace.