Bitcoin (BTC) continued its downward slide over the weekend, slipping below $35,000 for the third time this year. This morning BTC touched $34,380, and crypto investors are braced for further losses. This isn’t so surprising given Bitcoin registered a 10% drop last week — its largest intraday fall since January.
While Bitcoin and Ethereum, which account for approximately 62% of total crypto market value, are responsible for a significant portion of this nominal value increase, it’s lesser-known coins like Shiba Inu (CRYPTO: SHIB) that have been courting droves of new investors into the crypto realm. When the bells tolled at midnight on Jan. 1, 2021, a single SHIB token could be purchased for a microscopic $0.000000000073.
Cryptocurrencies may look like scary territory today. The world’s largest players — Bitcoin and Ethereum (CRYPTO: ETH) — both have dropped more than 20% since the start of the year. Inflation worries, the war in Ukraine, and uncertainties about regulation of the crypto industry have pushed some investors toward lower-risk assets.
The past few months have looked like an endless ordeal for Robinhood shareholders. Shares of the brokerage app that wanted to democratize finance are in free fall. Robinhood stock made its IPO at $38 last July.
The Wall Street Journal
The cryptocurrency market is mirroring the slide of the broader stock market, with bitcoin falling below $34,000 during Sunday trading to about half of its November high.
The price of Bitcoin fell 5.3% to $33,879 on Sunday afternoon and is now about half its all-time high. Bitcoin, the largest cryptocurrency, hit a peak price of $67,802.30 in November 2021. The Federal Reserve’s announcement Wednesday that it was raising interest rates by a half point, the largest hike since 2000 with additional increases expected this summer, sent the Dow Jones Industrial Average on Thursday down 1,063 points, or 3.1%.
Buying the same stocks as famed investor Warren Buffett won’t turn you into a billionaire, but it can steer your portfolio in the right direction. A $1,000 investment in Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) in 1965, when Buffett took over, would be worth about $28 million today. Let’s review the investment cases for Verizon Communications (NYSE: VZ) and Apple (NASDAQ: AAPL).
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A stock market crash and big losses for former high flyers has some people questioning their investments.