Market Update October 25, 2021
Patrick Traverse CFP? EA CEPA?
Owner Founder at Breakaway Financial Group LLC
Holy crypto Batman, Bitcoin pierces $66,000
What is it??
“Bitcoin – is trading at $66,000 and Ethereum is at $4,300 – as the excitement over the latest Bitcoin ETF continues to draw in investors…. suggesting that demand for this asset class is alive and well.” *
Why does it matter?
In recent weeks we have added the GreyScale Bitcoin Trust to our watchlist. Whether someone is buying: actual Bitcoin, a futures-based ETF, or a Bitcoin Trust, the prices are expected to move in correlation with actual Bitcoin prices. While the percentage change of each of these investments may vary, they should remain relatively close. With newer forms of investing in Cryptocurrency like the first Crypto ETF, this makes investing in crypto less of a hassle.?
We plan to invest a small allocation in the GrayScale Bitcoin Trust sometime soon as Cryptocurrencies continue to gain credibility in the financial markets.?
Markets turn cautious
What is it?
Before the markets opened on Thursday, October 21, the stock market futures were down.
“After a couple of sessions of taking on more risk, investors are taking a break today. Equities are mostly lower today after the S&P 500's six-day advance took it almost to its record high, while the NASDAQ's streak was halted at five sessions.” **
Why does it matter?
With the stock markets recovering their losses from the last few weeks, it may slow down a little bit after such a quick rally. If that is the case we will be looking to take profits on investments that are either overbought or losing momentum. Along with that, we will look at adding to other allocations with more anticipated upside and increasing momentum.?
Other articles I found interesting this week:
Current 401(k) portfolio
Our last portfolio reallocation: 10/11/2021.?
Want more information?
The weekly market update provides a window into the process we use in our investment management process. At MoneyCoach, we believe markets are always changing and require a nimble yet data-oriented approach.?
Our process attempts to identify trends and momentum in the financial markets. With that information, we align our clients’ portfolio accordingly in the hope to help our clients accomplish their life goals while attempting to lower the risk of a large drop in their portfolio.
Sources:
*Kenny Polcari. “Holy crypto Batman, Bitcoin pierces $66,000”. 10/21/2021. FXStreet. https://www.fxstreet.com/analysis/holy-crypto-batman-bitcoin-pierces-66-000-202110211111
**Marc Chandler. “Markets turn cautious”. 10/21/2021. FXStreet. https://www.fxstreet.com/analysis/markets-turn-cautious-202110211105
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