Cardano and Nasdaq Correction, Treasury Yields Spike and Bitcoin Holds

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Bitcoin holds the line at around $58,000 at the time of writing while the rest of the top 10 at CoinMarketCap sees a slight drop. Only exception was Cardano which dropped 10%. Stock markets in the US saw a surprising session where the Nasdaq tumbled a steep 3% as interest rates on treasury notes spiked up again, causing fear among tech investors.

Better than gold

After rising more than 20% earlier this week, Charles Hoskinson’s ADA saw a selloff which was probably due to some profit taking. Given that Cardano has risen so much this year, nothing truly extraordinary, but not in line with the rest of the crypto market.

Bitcoin meanwhile is staying near its all time high of $61,000 and is trading at $58,000 at the time of writing. Former White House press director Anthony Scaramucci made a remarked passage on CNBC yesterday when he explained why Bitcoin is in many ways better than gold.

“It was 1500-something when Copernicus said we may be revolving around the sun. Things do change,” says @Scaramucci on #bitcoin #btc. “In a lot of ways if you really study it, it’s better than gold. It’s easier to store. You can move it around more quickly.” pic.twitter.com/X7vfu1A9eU

— Squawk Box (@SquawkCNBC) March 18, 2021

Scaramucci responded to CNBC host Joe Kernen, who asked him whether after 4,000 years there was finally a challenger for gold.

The world is changing — that’s the final record, Joe, the world is changing. It was 1500-something when Copernicus said we may be revolving around the sun. Things do change.

In a lot of ways if you really study it, it’s better than gold. It’s easier to store. You can move it around more quickly.

The man, who now manages a hedge fund called Skybridge Capital, has been rooting for Bitcoin since a few months and invested a lot of his fund into it when it traded for $30,000 only.

Investors are getting hammered by mainstream media with the accurate narrative — bitcoin is superior to gold.

Anthony Pompliano, the biggest Bitcoin influencer repeated afterwards.

Nasdaq tumbles, oil falls 7%

On the broader stock markets, the fall of the tech-heavy Nasdaq in Thursday’s session was quite remarkable. It fell 3% while most investors were hoping that the recent correction would end it’s tumble.

Wrong guess as money was taken out of tech stocks when the spike in the 10-year Treasury yield dropped the Nasdaq below the 50-day line again. The S&P 500 also dropped 1.5% and oil fell 7%. Investors are worried about possible rising inflation and interest rates.

The latter could cause a crash in real estate and commodities, something that the $1.9 trillion US stimulus seeks to avoid. Meanwhile inflation is projected to rise in the US to 2.2%, further deflating the dollar’s value.