Bitcoin Steady, New York Mayor’s 2022 Crypto Wallet Down 3%, Stock Market Down 12% YTD

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Bitcoin had an uneventful weekend mostly, with many commentators now longing for the days of high volatility apparently. Multiple were the social media commentators who stated that Bitcoin had become ‘boring’ in these last few days.

New York Mayor bought the dip

The S&P500, the stock market index that tracks the 500 most traded stocks in the USA, is down some 12% this year, not a great start. Of course with rising inflation, the risk of rising interest rates and a war in Ukraine this is understandable.

New York mayor Eric Adams might therefore be glad that he chose to have his salary transferred into crypto this year.

According to calculation from the New York Post, their new mayor is down only 3 percent so far this year.

The publication estimated that Adams’ office would have transferred his paychecks into Bitcoin and Ethereum on 21 January, 4 February and 18 February. Given that he clearly bought the dip on  21 January, the losses on 4 and 18 February were not enough to cause a major dent into his earnings. At a loss of only 3% so far for the year, Adams seems to be doing alright.

Ivantsov / Depositphotos.com