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18 April 2021

Bitcoin and Crypto Pulls Back As Nasdaq Sinks to 2021 Lows - Decrypt

Bitcoin and Crypto Pulls Back As Nasdaq Sinks to 2021 Lows - Decrypt

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As borrowing costs for companies and consumers is looking more likely to rise in 2021, the cheap cash that helped fuel the performance of the stock market over the last 12 months is causing headaches for balance sheets. 

As those interest rates rise, and the value of those growth stocks slide, it creates a crunch where the cost of borrowing erases gains, leading this week’s tech sell off. 

“As rates rise, as yields rise, what we’re continuing to see is this push against owning growth companies and in particular big cap technology

And I think at the outset that makes sense: It starts to shake some complacency as yields go up, and portfolio managers – especially those that are more short-term oriented – start to rethink those positions," Jason Ware, chief investment officer of Albion Financial Group,told Yahoo Finance. 

On top of that, financial institutions were effectively banned from paying dividends and performing stock buybacks during the pandemic, meaning these companies are awash with cash and are likely to go spending at the first opportunity

Will companies continue to diversify their portfolios as has been the trend over the last 12 months - with crypto being one of the main beneficiaries - or will the uncertainty and risk factor associated with buying Bitcoin et al see cash pour back into traditional stocks stifling the crypto boom

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