Friday’s Market Update

This week was full of ups and downs in the stock market and especially in the cryptocurrency market. This week’s biggest story was Dogecoin. The Dogecoin story started last week on 4/15 when the joke cryptocurrency started rapidly rising in value. I go into detail about Dogecoin’s attempt to shoot for the moon in my previous post, “Dogecoin to the Moon… and Back. Signs of a Crypto Bubble?“.

Dogecoin experienced explosive growth of more than 450% in less than a week, peaking in value around $0.42, with the culmination supposed to happen this past Tuesday, 4/20. The hype train was trying to convince people the price of Dogecoin would go up to $0.69 on 4/20 (clearly a lot of financial analysis went into coming up with that valuation and timeframe…). “Dogeday” as it was being called was an absolute bust and as of 1am on 4/20, the price of Dogecoin (DOGE) was on a downhill rollercoaster and it is currently trading around $0.23.

In other cryptocurrency news prices for almost all cryptos, including Bitcoin and Ethereum, took a plunge in value over the weekend and they still haven’t recovered. Ethereum (ETH) briefly recovered and actually reached a new high when it was trading around $2,600. Bitcoin on the other hand has dropped even more from its weekend dip. Bitcoin slipped under $50,000 for the first time in almost two months, and it’s still hovering around $50,000.

Thursday afternoon, the stock market looked like it jumped off a cliff after news leaked from the White House that President Biden is looking to implement a massive tax hike on companies and wealthy individuals. The leaked report suggested Biden was considering increasing the capital gains tax rate on those earning more than $1 million to 39.6%. The current base capital gains tax rate is 20%. The response on Thursday seems to have been an overreaction because the stock market is doing very well today, Friday.

This has been an exciting week, especially in the cryptocurrency market. Next week should be interesting with mega-cap companies like Apple, Amazon, Google, and Facebook will be releasing their first quarter earnings statements. The earnings from these giants will surely have an impact on the overall markets so I’ll be sure to keep you up to date. Don’t forget to follow my blog so you can stay informed on everything investment related.

Photo by Vance Alm

Author: vancealm

Working as a manager within two of the largest retail companies for the past 7 years has given me insight into consumer trends and essentially what people are buying on a normal basis. Why is that useful? Because it gives me a better understanding of the established and growing brands and companies that could potentially work to make YOU money. My name is Vance Alm and I am currently working on earning my MBA from the University of Nevada, Reno. I want to talk, teach, and find out more about investing in the stock market. Recently, there has been a lot of news around the stock market, hedge funds, and normal retail investors which has reignited the nation’s curiosity about investing their money. A lot of people want to be involved with the excitement of potentially making money by investing in the stock market, but they don’t know how or even where to begin. I want to explore the world of investment banking with you and talk about everything involved, from researching different companies to invest in, to the different online platforms or financial service companies you can use and everything in between. I am not a wealthy hedge fund manager and I am not an expert in the field, but I am passionate about the idea of having your money work for you. I am always learning more on the topic and I want to open the conversation on how to start investing and what companies to potentially invest in.

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