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Posted May 09, 2022

Ray Blanco

By Ray Blanco

Sliding with Tech Stocks, Bitcoin Nears $30,000

Bitcoin, much like the rest of the crypto market (and tech stocks for that matter), is getting washed today.

The slide continues off the weakness we saw last week. Currently sitting just above $30,000, bitcoin has fallen over 50% from its previous all-time highs.

The flagship cryptocurrency is down nearly 12% today alone…

Ethereum is also biting it today, the second-largest cryptocurrency fell nearly 13% from Friday evening.

Now that more professional investors are trading crypto, some of the coins have increasingly moved in tandem with traditional markets. In fact, many investors treat cryptocurrencies as risk assets, similar to tech stocks. And tech stocks are certainly taking a beating right now.

We’ll need to see a big change in the next few months if this market is going to turn itself around.

Read below for more on that and everything I have my eye on this week…

1. Sliding with Tech Stocks, Bitcoin Nears $30,000

Bitcoin, ethereum, and the rest of the crypto market are feeling heavy selling pressure right now.

Along with the broader market, the crypto space has been sliding for some time now.

Investor confidence has been shaken to the core due to concerns over inflation, geopolitical instability, supply chain issues, and more.

However, it’s not going to be all bad forever… These things are cyclical, it’s only a matter of time before we see a change in sentiment. The big question is when that change will occur.

2. SpaceX Keeps Busy

It’s been a wildly busy year for the Elon Musk-headed rocket company SpaceX…

The latest news is from last week when three NASA astronauts and a European astronaut splashed down aboard their SpaceX Crew Dragon capsule off the coast of Florida a little after midnight Friday morning.

This follows a six-month mission where the astronauts worked alongside Russian cosmonauts and hosted the first all-private crew to visit the orbiting outpost.

I expect we’ll see plenty more action out of SpaceX this year.

3. Meta Platforms to Slow Hiring

This past Thursday, Meta Platforms announced that it would be cutting back on hiring.

The move is one of several shifts that the Facebook parent company is making in light of a period of slowing growth.

Meta also stated that it does not currently have plans for layoffs.

The hiring slowdown marks a reversal from aggressive employment that occurred during the first three months of 2022.

4. Building the Quantum Future

Located in its T.J. Watson Research Center, IBM’s quantum research laboratory is packed with peculiar gold instruments, fridges colder than outer space, whiteboards full of complex equations, and niche comic strips about science.

And Jerry Chow is in the middle of it all…

Jerry is one of the quantum world’s most influential scientists and he is hard at work building the future of quantum computing.

5. Innovation Chief, the Important Job Behind the 10 Biggest Cities in the US

There are plenty of cities in the United States where infrastructure is embarrassingly behind the curve when it comes to technology.

However, there’s an important job that drives the advancement of at least 10 of the country's biggest cities.

That job is often referred to as the Chief Innovation Officer or CIO for short.

Cities across the US are hiring CIOs to run point on transitioning them into the digital age.

To a bright future,

Ray Blanco

Ray Blanco
Chief Technology Expert, Technology Profits Daily
AskRay@StPaulResearch.com

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