It's been quite a week in the stock and crypto markets heading into mid-November 2022
With a recent statistic that inflation has dropped a tad in the US, although folks are not feeling it as the cost of living is higher than normal this year, money flowed back into the stock market over the last few days.
Investors are eager to make money after months of being flat or down, so it doesn't take much to get them into a positive mood for a change. In Canada, the latest interest rate hike was less than expected with hints that the hikes may be easing off more in the future. More good news for now but central bank policy can change from month to month.
This week ended on a high; Canada's TSX shot back up to the 20,000 point level.
The crypto scene has shown how fragile it is when it comes to Exchangers. For the second time this year, a multi billion dollar outfit went bust.
How long does it take to bring an Exchange and satellite outfits that has about 16 billion worth of cash and crypto coins to it's knees and fall into bankruptcy. Only a few days when a billionaire competitor gets social media involved leaving many empty handed when FTX withdrawals were stopped this past week.
I'm sure all of this has crypto holders and investors questioning their own stake in current Exchangers where one manipulative action can bust an outfit. For sure, not a lot of trust out there now when Billions can go poof in an exchange like recently when crypto whales pulled out 6 billion in FTX ... in one day.
Overall, it's what's behind the game that controls a lot of the crypto market. Billionaire movers and shakers and Whales that hold the majority of a given coin.
Courtesy of Cointelegraph
Meanwhile, Bitcoin which has had a 'hovering' level of 20 grand USD when it's free of market turmoil, is holding up fairly well ... dropping to the 15 grand level and upwards through all this commotion.
Once all this FTX business fades, there will be renewed cautious interest once again.
In the stock world, companies get into trouble or go belly up all the time and investors lose millions as well but a top crypto exchange worth 16 billion in a couple days. Wow.
The funny thing is with me, it's not such a shock or surprising where it's all about manipulation ... fear and greed mixed in and the crazy year of 2022. Hopefully that doesn't extend into the whole decade but certainly possible.
Meanwhile, growing my dividend paying stocks is my long term goal and I continue to have an interest in the top two crypto coins by market cap .... Bitcoin and Ether, where some heavyweight regulated financial companies in the US have plans for them going ahead with some already live and running.
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