Summing Up The Week
If you haven’t believed me when I’ve been saying “volatility’s back” the past two weeks, I’m betting you believe me now! Once Alphabet (GOOGL) and Tesla (TSLA) disappointed on earnings, that was enough of a spark to light the selloff fire in technology stocks (and much of the rest of the market, to boot).
While it looked like the markets were staging a reversal midday Thursday, the rally lost seem and returned to selling off into the close. However, Friday’s inflation report turned the markets around with an as-expected figure offering relief to the markets as stocks ripped higher. If you’ve ever wondered what “whipsaw price action” looks like, it’s this – this week is what it looks like!
Let’s take a look at the news that moved the markets this week…
Market News
First Big Tech Earnings Roil Markets
When Alphabet (GOOGL) and Tesla (TSLA) both gave disappointing earnings reports Tuesday night, the markets started to roll over in a big way, reported CNBC.
Although Google reported a beat on both the top and bottom line, YouTube’s advertising revenue came in lower than expected. Over in Tesla, year-over-year auto revenue, which was already expected to drop substantially, dropped even more than expected at 7%.
Investors tend to use the earning reports from the first of the “Magnificent 7” to expand to what the others might report, so when these two came in distinctly less than what investors wanted, they began to sell everything else, sending the S&P 500 down more than -2.30% and the Nasdaq down -3.25% by Tuesday’s close.
U.S. economy grew at 2.8% in Q2, more than expected
On Thursday, the U.S. Commerce Department released the Q2 Gross Domestic Product (GDP) which came in at 2.8%, much more than the 2.1% growth expected by economists, reported CNBC. The stock market remains very much in a confused state of “good news is bad news” when it comes to economic data since a strong economy means the Federal Reserve has no need to hurry when it comes to cutting rates.
The market’s confusion was made viscerally apparent during Thursday’s trading when stocks opened lower only to reverse midday. While many investors are hoping for rate cuts, market historians point out that the stocks don’t typically bottom until after the first rate cut. In other words, be careful what you wish for!
PCE rose 0.1% in June, in line with expectations
On Friday, the Personal Consumption Expenditures (PCE) index showed an increase of 0.1% in June or 2.5% year-over-year, in line with economist expectations which also paves the way for a Federal Reserve interest rate cut, reported CNBC. As a result, the stock market, which had been positively pummeled for the three days prior, ripped higher on Friday.
Investors continue to believe a rate cut will be good for the stock market, so as long as that sentiment remains consistent, any data pointing to the Federal Reserve potentially cutting interest rates will be considered good news. In this case, the PCE not increasing more than expected in June was certainly good news.
Next Week’s Gameplan
The wild summer continues next week with more big-tech earnings as well as more economic reports. On Tuesday, we get the consumer confidence survey results for July followed by the big news event of the week on Wednesday – the results of the Federal Reserve’s decision on rate cuts with Chair Jerome Powell’s market-moving press conference Wednesday afternoon. As if that wasn’t enough, on Friday, we’ll get the major jobs report for July – the nonfarm payrolls report.
As for major earnings, we get Advanced Micro Devices (AMD) and Microsoft (MSFT) on Tuesday; Arm Holdings (ARM) and Meta (META) on Wednesday; and, then, Apple (AAPL), Amazon (AMZN), and Intel (INTC) all report after-the-bell on Thursday!
As I warned two weeks ago, volatility is back in the market. However, volatility isn’t necessarily a bad thing – wild price swings can provide excellent buying opportunities across the board! Just remember to buy in stages and make your buying plans in advance, and, then, stay calm. No matter how crazy the moves can feel, this period will pass just as it always does.
I’ll see you back here next Friday, friends!
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Crytpo Corner

Bitcoin Price (in USD)
%
Weekly Change
Bitcoin Price Action
Ethereum ETFs: Think “Buying Opportunity,” Not “Sell-the-News”
Bitcoiners were disappointed when the Ethereum ETFs launched on Tuesday with a whimper, not a bang, as Bitcoin sold off Tuesday morning and Ether flatlined. However, I’ve been saying for months (if not years) this would be expected since every single crypto investment vehicle launch has been a sell-the-news event, at least initially.
Historically, Bitcoin sold off when Grayscale launched the first Bitcoin Trust, it sold off when the Bitcoin Futures launched in December 2017 (eventually crashing more than -80% to its low in December 2018), and, even this past January, Bitcoin sold off more than -21% from the peak of the rally following the launch of its own ETFs to the trough a few days later.
This isn’t to say that interested investors should sell their Ether ETFs. In fact, I’d argue the contrary. These post-launch selloffs have always been BUYING OPPORTUNITIES as the disappointment leads to lower prices. As for myself, I opened a small position in Grayscale’s Mini Ether Trust (ETH) (which has the lowest fees) on Tuesday, but I only purchased less than 10% of my desired allocation as I believe we’ll see a selloff which will give me the opportunity to stack more at discounted prices.
On Thursday, Bitcoin and Ether both sold off pretty spectacularly, but Bitcoin staged a full recovery, bouncing off its new higher weekly support at $63,412.46 and nearly fully recovering its selloff.
Ether was not so lucky.
The second-largest crypto sold off -13.29% from a high of $3,561.03 down to $3,087.70, but only recovered +6.05% to $3,274.41 before encountering new resistance and rolling over again. Will the bulls regain momentum in Eth? Only time will tell.
The Bullish Case
Bulls are back to licking their wounds this week after the launch of the Ether ETFs led to Bitcoin losing the gains from its midweek rally, and much more substantial pullbacks in Ethereum and the other altcoins.
Bulls argue that this price consolidation is bullish for the long term as it will shake weak hands out of the space and allow others the opportunity to buy at discount prices.
The Bearish Case
Bafflingly, many Bulls I follow still try to argue that this sort of price action doesn’t constitute a “sell the news” event. I believe they’re confused as to what the term means – it doesn’t mean YOU have to sell, it means OTHERS will sell, and it also doesn’t mean that it has to STAY SOLD.
Given that this kind of selloff has followed every launch of every crypto investment vehicle, the Bears certainly have the upper-hand, particularly since the downside moves in the stock market seem to be exacerbating the moves in crypto as the two are, once again, correlated.
Bitcoin Trade Update
Premium subscribers to Get Irked get access to all the moves I’ve made in my Bitcoin trade over the past week as well as my next thirty (30) … yes, 30 … buys in Bitcoin including price levels, quantities, and a full layout of my ongoing long-term trade in the world’s biggest crypto.
Not Your Keys, Not Your Crypto…
In light of brokerage failures in 2022, I no longer keep any of my crypto on an exchange and I only keep enough USD on the exchanges I use to execute my next few buys. I use multiple cold wallets from the brands Ledger and Trezor to hold my crypto (click the links to access the direct sites, and I receive no affiliate benefits from these links).
Additionally, I have now divided my allocated USD between two different exchanges – Gemini and Coinbase – in case one (or both) becomes insolvent. Disclaimer: We both receive a bonus if you use my Gemini referral link to open an account.
I do not trust anyone in the space, even with Coinbase (COIN) being publicly traded (and one of my own Investments in Play positions).
No price target is unrealistic in the cryptocurrency space – Bullish or Bearish.
While traditional stock market investors and traders may think the price targets in the cryptocurrency space are outlandish due to the incredible spread (possible moves include drops of -90% or more and gains of +1000% or more), Bitcoin has demonstrated that, more than any speculative asset, its price is capable of doing anything.
Here are some of Bitcoin’s price movements over the past couple of years:
- In 2017, Bitcoin rose +2,707% from its January low of $734.64 to make an all-time high of $19,891.99 in December.
- Then, Bitcoin crashed nearly -85% from its high to a December 2018 low of $3128.89.
- In the first half of 2019, Bitcoin rallied +343% to $13,868.44.
- In December, Bitcoin crashed -54% to a low of $6430.00 in December 2019.
- In February 2020, Bitcoin rallied +64% to $10,522.51.
- In March , Bitcoin crashed nearly -63% to a low of $3858.00, mostly in 24 hours.
- Then, Bitcoin rallied +988% to a new all-time high of $41,986.37 in January 2021.
- Later in January 2021, Bitcoin dropped -32% to a low of $28,732.00.
- In February, Bitcoin rallied +103% to a new all-time high of $58,367.00.
- Later in February, Bitcoin dropped -26% to a low of $43,016.00.
- In April , Bitcoin rallied +51% to a new all-time high of $64,896.75.
- In June , Bitcoin crashed -56% to a low of $28,800.00.
- In November, Bitcoin rallied +140% to a new all-time high of $69,000.00.
- In November 2022, Bitcoin crashed -78% to a low of $15,460.00.
- In April 2023, Bitcoin rallied +101% to a high of $31,050.00.
- In June, Bitcoin dropped -20% to a low of $24,750.00
- In July, Bitcoin rallied +29% to a high of $31,862.21.
- In September, Bitcoin dropped -22% to a low of $24,900.00.
- In January 2024, Bitcoin rallied +97% to a high of $49,102.29.
- Later in January, Bitcoin dropped -22% to a low of $38,501.00.
- In March, Bitcoin rallied +92% to a new all-time high of $73,835.57.
- In July, Bitcoin dropped -28% to a low of $53,500.00.
Where will Bitcoin go from here? Truly, anything is possible…
What if Bitcoin’s headed to zero?
The only reason I speculate in the cryptocurrency space is I truly believe Bitcoin isn’t headed to zero. I am prepared for that possibility, however, by knowing I could potentially lose all of the capital I’ve allocated to this speculative investment. Professional advisers recommend speculating with no more than 5% of an investor’s overall assets. Personally, I’ve allocated less than that to speculating in crypto. I feel that anyone who doesn’t fully believe in the long-term viability of cryptocurrency would be better served not speculating in the space. On a good day, this asset class isn’t suitable for those with weak stomachs. On volatile days, the sector can induce nausea in the most iron-willed speculator. If a speculator isn’t confident in the space, the moves will cause mistakes to be made.DISCLAIMER: Anyone considering speculating in the crypto sector should only do so with funds they are prepared to lose completely. All interested individuals should consult a professional financial adviser to see if speculation is right for them. No Get Irked contributor is a financial professional of any kind.
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