It seems like the only thing that can slow down the stock market these days is slumping crypto assets. But, despite the indecisiveness in crypto land, the Dow Jones, S&P 500 and Nasdaq Composite all posted record highs on Wednesday. The Dow rose 1.6% to 24,347.53, S & P 500 added 1.25% to 2,742.92 and the Nasdaq added 1.61% to 7,477.35. The day’s record highs were matched by a number of other traditional equities, including Disney, which climbed 2.6%. The Dow also added more than 1,000 points for the fifth day in a row, marking the longest streak in almost 15 years.

On Tuesday, the Dow Jones Industrial Average (DJIA) and S&P 500 ended last week at record highs, marking the second time in three weeks that the market has reached new all-time highs. The Dow, which is composed of 30 blue-chip stocks, climbed over 5% to a record high of 23,546. The S&P 500, which is composed of the 500 most publicly traded U.S. companies, climbed over 2% to a record high of 2,715.

A mighty competition, the culmination of months’ worth of hard work and dedication, resulted in the victory for England.

No, we’re not talking about the finals of the UEFA European Championship, which was a crushing defeat for England, resulting from a rather disappointing penalty shootout. Forza Italia!

We’re talking about the billionaire race to space. Richard Branson, the English entrepreneur, investor and adventurer, stole the title of first billionaire to space right out from under the nose of former Amazon CEO Jeff Bezos.

Stocks Reach New All-Time Highs, Digital Assets Struggle to Hold Support

While some might say that the altitude of Branson’s virgin Virgin Atlantic flight to space didn’t really go high enough to be considered a venture into space, they have successfully kicked off the dawn of the new and exciting age of space tourism, which promises to be a very lucrative industry indeed.

Seeing the images of Branson on social media having the time of his life right next to pictures of two of the world’s poorer countries, Cuba and South Africa, falling apart at the seams, does make it seem like we’re headed for a rather dystopian future.

This contrast is even more intense when we consider that Virgin Atlantic has gone through several emergency restructuring packages over the last year and has even asked the British Government for a bailout.

According to the official rules of capitalism, the company should probably be knee-deep in bankruptcy proceedings right now.

Instead, the generous cash injections provided by global central banks have created an environment where money is cheap and easy, and Virgin Galactic’s stock, unlike Branson himself, is on course for the moon.

Sad divergence

It’s not just shares of Virgin Galactic that are mooning today either. All three major U.S. stock indices the Dow Jones Industrial Average, the S&P 500 and the Nasdaq composite are all up about a third of one percent today, timidly forging new all-time highs.

The crypto markets, on the other hand, are fighting to hold support.

If I weren’t so hung up on the fact that bitcoin is down 5% today, I’d probably be celebrating the divergence.

One thing that both markets will be paying close attention to however, is tomorrow’s consumer price index (CPI) report from the U.S. Bureau of Labor Statistics.

Last month, the inflation figures surprised economists by hitting an annual rate of 5%. This number is widely expected to tick down to 4.9% when they’re announced at 8:30 AM in New York.

To put the figures into context, let’s check out this graph going back to 1972. From a headline perspective, last month’s figures were the highest in more than a decade.

A jump above 5.6% would be the highest since the early 1990s, when the CPI reached as high as 6.3%.

Stocks Reach New All-Time Highs, Digital Assets Struggle to Hold Support

Flashy headlines to the affect that inflation is higher than it’s been in very many years have a way of getting people’s attention and turning to the authorities.

As a result, a large surprise to the upside could cause Federal Reserve officials to act swifter than they would like and raise interest rates, which would likely have an adverse affect on stocks and could even be positive for crypto, in a sort of “this is fine” anarchistic sort of way.

A surprise to the downside, however, would no doubt reinforce the Fed’s narrative that inflation is transitory. It would probably go right to their heads. There’ll be no living with them really.

bit digital stock forecastbitcoin mining stocks to buybitcoin risks 2023bitcoin mining stocks canadashould i buy bit digital stockethereum,People also search for,Privacy settings,How Search works,bit digital stock forecast,bitcoin mining stocks to buy,bitcoin risks 2023,bitcoin mining stocks canada,should i buy bit digital stock,ethereum,best otc bitcoin stocks,bitcoin value

You May Also Like

Highest inflows of Bitcoin to Spot Exchanges in a Year is not a Good Sign for Market

This past December, Bitcoin saw the highest number of new cash inflows…

Ark Invest and 21Shares Submit Latest Bitcoin ETF Application to the SEC

On October 15, ARK Invest and 21 Shares submitted an application to…

Benefits of Making Payments Using Bitcoin You Need to Know About

Bitcoin is a type of cryptocurrency. Cryptocurrencies are decentralized digital currency that…

Crypto payments: Uruguayan senator presents bill to regulate and facilitate payments in cryptocurrencies

This article presents the Uruguayan cryptocurrency regulation bill. The bill aims to…