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Stocks Go Down as Crypto Goes Up in the First Week of 2021

Happy Tuesday and Happy New Year, investors! Since we last saw you in 2020, so much has happened. For our first Rippers list of the year, we want to break it down for you before we start getting into the stocks making moves for the rest of the year:

🇺🇸 The U.S. government passed a new end-of-year stimulus package, which included a $600 stimulus “stimmy” check. Though it was expected that the stimulus would send stocks in the green, the last few weeks of 2020 priced in much of the stimulus package. In addition, the state of Georgia is hosting two senate elections today to decide the fate of the U.S. Senate. This decides whether or not Joe Biden will command a majority for the first two years in office, which has left some investors with mixed feelings. As a result, stock indexes pared losses yesterday on the first trading day of the year.

💰 As stocks went down, cryptocurrencies went up. At the start of December, Bitcoin-mining companies such as $MARA and $RIOT made their way onto the Rippers list. Since then, Bitcoin has taken an even more aggressive trajectory – running all the way up to $35,000. Ethereum, another cryptocurrency, has risen above $1,100. Both of these price points are all-time highs and represent a ‘second coming’ in the crypto market.

📈 The New York Stock Exchange made the decision to remove three Chinese telecom companies from the exchange. This decision was made in light of recent laws passed to hold Chinese businesses to higher auditing standards. The passing of these laws was highlighted on Rippers a few months ago as “something to keep in mind”, especially given the propensity for poor China-U.S. relations to bleed over into a Biden presidency. The law specifically requires delisting businesses which “pose a threat to U.S. national security.”

Noah Weidner

Noah Weidner is a restless self-starter with a vehement interest in all things that make the world go around: culture, politics, economics and all the people in between. He writes the Bullish Rippers series and covers other interesting trends and happenings at Bullish.

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