Ring. Chime. Prime Music. Netflix. Disney+. What do they all have in common? They’re built on Amazon Web Services (AWS). They also went down for several hours yesterday as the online server giant experienced outages. So did Coinbase (COIN), yet they somehow managed to pull out of a downtrend that’s lasted several weeks. How did that happen?
Don’t get too excited. The slumping stock market woke up yesterday, with the S&P gaining 2% and Nasdaq up 3%. Thank Dr. Fauci if you like. He told the world that severity test results on Omicron were “positive,” whatever that means. Apparently, the hype worked for investors. The market surged (more like a ripple) and all is right in the world this morning.
Realistically, Coinbase was expected to come back up at some point. The company is a key player in a growing market that’s getting a lot of attention. They’re even flexing their muscles a bit. Earlier this week, Coinbase CEO Alesia Haas warned a US congressional committee that instituting restrictive rules on crypto would “drive business offshore.”
December is a “Buy the Dip” Month for Bitcoin
It’s hard to believe that Bitcoin (BTC) broke $67K just one month ago today. It opened this morning at $50K. That’s a dip you don’t want to pass up. Historically, January has been a big month for the king of crypto, so buying now just might pay off for you. I have a few pennies saved to put into it. The kids are all grown up. They don’t need Christmas presents.
I sincerely hope you didn’t dump any Bitcoin during this latest downtrend. They’re still up 72% YTD, which beats the S&P by a wide margin. Ethereum (ETC) came down to earth after a huge spike in May, but they’re still trading at almost 600% more than what they were worth in January. They’re in a bit of a dip too, but I’m not as confident on their growth potential.
It’s safe to say that the lasting power of Bitcoin was firmly established in 2021. I’ve yet to hear of any professional athletes asking to get paid in Dogecoin (DOGE) or Avalanche (AVAX). When I do, I’ll take them seriously. Don’t laugh. Mass adoption is fueled by social media icons. Like him or not, Odell Beckham Jr is an influencer. You’d love to have him promoting your business.
Robinhood is Dropping the Ball on Their Crypto Wallet
According to Robinhood (HOOD), I’m #38,999 on their waiting list for the new crypto wallet. It was (allegedly) launched in October. I guess I can move up the list if I invite friends, but why would I do that for a product I haven’t seen yet? Coinbase already has a fully functioning wallet and an exchange where I can buy the dip. Robinhood is dropping the ball.
I ran this comparison several months ago and thought the Hood would come out on top, but that does not appear to be happening. They are down 34% YTD, while Coinbase (COIN) is up 29% in the past six months, and that’s including a nearly 20% drop last month. I’m thinking the Hood should mass release their crypto wallet before they get left in the dust for good.
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About the Author
Kevin Flynn
A former financial professional and founder of AdvisorScale Financial Writing, Kevin lives in Leominster, Massachusetts with his wife Evelyn, two cats, and nine wonderful grandchildren.
