May has brought a massive sell-off to stock and cryptocurrency markets. Worrisome inflation data forced central banks across the globe to start raising interest rates. The prolonged war in Ukraine, Russian sanctions, and US-China tensions were among the incentives to trigger the bear market.
Since late March, Bitcoin fell by 36%, from $48,116 to $29,839, and altcoins followed. Once again, the cryptocurrency market proved to be correlated to equities, especially high-risk, high-reward tech stocks. Nasdaq lost over 20% since hitting 15261 on March 29, dumping to 11686 on May 12. The S&P 500 is -116.9%, and Dow Jones is 11.6% in the same period.
While the bulls bled, short-sellers enjoyed huge profits on assets like MicroStrategy stocks (-85% since November) or NFT-drive ApeCoin, which lost 81.38% from $27 to $5.2 in just two weeks.
SimpleFX margin traders enjoy increasing volatility as market opportunities pop up every day. If you hold cryptocurrencies long-term, reinvesting them in smart short and long positions during a bear market is a great idea.
From May 16 to June 3, you get $2,000 cashback paid in BTC just for trading with SimpleFX. The higher your net deposit during that time, the bigger the reward. Make sure you make the most of it. Learn more.
New stocks are coming
If you’d like to trade a stock, crypto, or other assets you don’t find in the SimpleFX app, give us a shout at community.simplefx.com. Here’s the list of exciting companies we will introduce in the upcoming days.
Lockheed Martin Corporation
Anglo American plc
BAE Systems plc
Rolls-Royce Holdings plc
Infineon Technologies AG
Kardemir Karabuk Demir A.S.
Haci Omer Sabanci Holding A.S.
Turkiye Sise Ve Cam Fabrikalari A.S.
SimpleFX has just increased the maximum leverage on cryptocurrencies to 100x! Now you can trade BTC and ETH with 1:100.
Stay tuned. Go to SimpleFX and get ready for the Spring Cashback.