Don’t Overlook This Important Factor in Your Investments

By Ethan Goldman, junior analyst, Chaikin AnalyticsIt shouldn’t be news to anyone that the cryptocurrency space is full of risk…

Sure, cryptos have the potential for eye-popping gains. But that also comes with the possibility of massive losses.

For example, just consider the world’s largest crypto by market cap…

Of course, I’m talking about bitcoin. 

The crypto soared last year – creating and then breaking all-time highs. In early October, the price of bitcoin peaked at a staggering price of more than $126,000. 

But today, bitcoin sits about 40% below that high.

As regular readers will recall, my colleague Joe Austin recently discussed October’s blowup in the crypto markets.

He also explained how traditional finance and crypto are becoming deeply intertwined. So that means what’s happening in the space is worth keeping an eye on… even if you never touch crypto yourself.

Folks, I’m not an expert in crypto. But there’s an important message for investors hiding in bitcoin’s origin story.

And it’s true whether or not you hold crypto…Recommended Links:

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Bitcoin Grew From America’s Deepening Distrust of Banks

In 2008, the U.S. sat in a deep financial crisis.

You’ll likely recall the deep distrust Americans felt toward banks and government back then. Heck, plenty of folks still feel that way today. And it’s hard to blame them.

This sentiment raged in someone – or a group of people – with the pseudonym “Satoshi Nakamoto.”

If you’re familiar with crypto, you’ll know Satoshi as the creator of bitcoin.

Satoshi wrote a white paper detailing a “trustless” financial system. In theory, this system moved trust from centralized groups and placed it in public view.

For plenty of folks, it’s a radical idea. But Satoshi saw it as the only answer to the secretive world of banking…

Every bitcoin transaction lives in an anonymous public “ledger.”

Of course, there isn’t just one copy of this ledger. It has tens of thousands of copies sitting in “nodes” around the world.

This means that it’s nearly impossible for bad actors to change the entire ledger.

Put simply, it adheres to a “seeing is believing” principle.

Now, I won’t debate the merits of this system here…

But remember that bitcoin was meant to operate outside of central government and influence.

Naturally, this gives criminals unique opportunities as well. Plenty of bad actors use bitcoin for illegal activities.

This fact, combined with the rise in crypto as an investment, has led to governments across the world getting involved…

This has driven some big shifts in the world of crypto. And it highlights something investors often overlook…

Bitcoin Isn’t the Same Today

Keep in mind that the U.S. and other countries have been creating legislation regarding crypto.

For example, in the U.S., the GENIUS Act was signed into law last July. It aims to create a regulatory framework for “stablecoins” – a type of cryptocurrency.

Other legislation is in the works as well. The CLARITY Act is intended to give authority over digital securities to the U.S. Securities and Exchange Commission (“SEC”). And it would hand authority of digital commodities to the Commodity Futures Trading Commission (“CFTC”).

The CLARITY Act isn’t a law yet. But it has passed in the U.S. House of Representatives.

Even banks are increasingly holding crypto assets. The U.S. government allows them to use crypto in ways never before allowed.

Remember, the initial idea for bitcoin was to avoid big banks and government oversight. 

And of course, law enforcement is cracking down on crypto’s criminal usage.

Folks, crypto isn’t going anywhere fast. But as it gains more traction, so will its oversight… and attempts for more centralized control.

It’s easy to see how today’s bitcoin differs from the original idea in 2008.

And it shows the importance of looking at all aspects of your investments…

An asset’s narrative can be as important as a balance sheet and technical factors. When the narrative shifts, it might mean you need to change your strategy around that asset.

Crypto is an example of this shift…

Today, investors can trade exchange-traded funds (“ETFs”) holding crypto. And it’s easy to trade the tokens themselves through brokers like Robinhood (HOOD) and Coinbase (COIN).

As Joe said, crypto is becoming increasingly intertwined with traditional finance. 

It doesn’t matter what your personal stance on crypto is, folks…

If the narrative shifts, that might mean you have to change your plan – even if it means walking away.

Good investing,

Ethan Goldman

Market View

Major Indexes and Notable Sectors  # HLD:    BULLISH    NEUTRAL    BEARISHDow 30

-0.35%917 4S&P 500

-0.85%120265 115Nasdaq

-1.54%2651 28Small Caps

+0.23%660916 311Bonds

+0.24%Energy

+3.24%814 0

— According to the Chaikin Power Bar, Small Cap stocks and Large Cap stocks are  Bullish. Major indexes are mixed.*  *  *  *

Sector Tracker

Sector movement over the last 5 daysEnergy+4.03%Consumer Staples+3.26%Industrials+2.35%Materials+1.44%Financial+1.0%Communication+0.72%Utilities-0.44%Health Care-0.87%Real Estate-1.07%Consumer Discretionary-1.39%Information Technology-4.03%*  *  *  *

Industry Focus

Mining Services2681

Over the past 6 months, the Mining subsector (XME) has outperformed the S&P 500 by +59.53%. Its Power Bar ratio, which measures future potential, is Very Strong, with more Bullish than Bearish stocks. It is currently ranked #3 of 21subsectors.Top StocksAAAlcoa CorporationCDECoeur Mining, Inc.BTUPeabody Energy Corpo*  *  *  *

Top Movers

GainersDVA+21.17%TER+13.41%AES+9.23%BALL+8.96%WDC+7.4%LosersIT-20.87%PYPL-20.31%CSGP-15.45%EXPE-15.26%EPAM-12.87%*  *  *  *

Earnings Report

Earnings SurprisesTTWO 
Take-Two Interactive Software, Inc. Q3 $1.30 Beat by $0.47MPC 
Marathon Petroleum Corporation Q4 $4.07 Beat by $1.36SMCI 
Super Micro Computer, Inc. Q2 $0.69 Beat by $0.20LITE 
Lumentum Holdings Inc. Q2 $1.67 Beat by $0.26BR 
Broadridge Financial Solutions, Inc. Q2 $1.59 Beat by $0.23*  *  *  *

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