Bank of America chief investment strategist: U.S. stocks and cryptocurrencies are showing the characteristics of a bubble
The debate about whether the latest bull market will continue intensifies as Bitcoin falls from its recent historical high. In the past few months, actions betting on the Federal Reserve's easing monetary policy have helped drive strong rebounds in global stocks, bonds, and cryptocurrencies. However, evidence showing that US inflation pressure continues to exist has led investors to reassess this bet. Michael Hartnett, Chief Investment Strategist at Bank of America, stated that the market is showing signs of a bubble amid the record surge of the so-called "fabulous seven stocks" in the technology industry and the historical high of cryptocurrencies. These comments have sparked a debate about whether many assets are susceptible to a pullback. IG market analyst Tony Sycamore stated that Bitcoin has been affected by the rise in US Treasury yields and the US dollar after PPI data rebounded.
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