The crypto crash won’t hurt the US Economy according to the latest reports by Goldman Sachs, which outlined the recent decline is quite small relative to the US household net worth so it will not have a major impact as we can see more today in our latest cryptocurrency news.

The investment bank Goldman Sachs said that the crypto crash won’t hurt the US economy likely. The New York City-based multinational said that the recent decline in the crypto prices is quite small compared to the US Household’s net worth. The crypto market tumbled immensely this year. BTC as the biggest digital asset by market cap is trading at $29,000 marking a 57.83% lower than the November 2021 ATH of $68,789. the market’s downtrend accelerated the past two weeks because of the collapse of Terra’s LUNA and its UST token.

The researchers at the investment bank also said that billions of dollars of investors’ money has been wiped out but the US households holt a lot of cryptos so there’s no cause for concern:

“This [the crash] has prompted questions about whether this drop in wealth might affect spending and labor supply in the US.”

The report continued:

“Our rough estimate is that U.S. households own about one-third of the global crypto market. If so, the recent decline is very small relative to US household net worth, which stood at $150 trillion as of last year. We, therefore, expect any drag on aggregate spending from the recent declines in cryptocurrency prices to be very small as well.”

The node added that the impact of the US Labor force participation rate will be too small because the force participation of the younger men that mostly hold crypto already recovered to pre-pandemic levels. The note added:

“When considering the impact of the crypto pullback on the U.S. economy, a major caveat is that a large share of crypto wealth is held by citizens of other countries.”

As earlier reported, The Wall Street banking giant Goldman Sachs offered its first BTC-backed loan and according to a spokesperson for the bank, the lending facility loaned cash collateralized by the BTC by the borrower. The deal was quite interesting for Goldman because of the structure and 24-hour risk management that they added according to Bloomberg reports. The arrangement allows crypto owners to get fiat such as USD by using the crypto as collateral but this is the first for the bank.

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3 Hot Biotech Penny Stocks to Add to Your Watchlist With the Market Down 

Recently, biotech penny stocks have seen heightened bullish sentiment. Today, the emphasis on biotech stocks comes as the Monkeypox virus is seeing a resurgence in certain areas around the world. Today, the WHO confirmed 80 cases of the virus in 11 countries. And since then, investors have begun looking for biotech stocks that may be able to benefit. 

[Read More] Penny Stocks To Buy Now? Hot Monkeypox Stocks To Watch Today

In addition to this, we are also seeing heightened volatility with penny stocks and blue chips. This means that it is more important than ever to stay on your toes. Understanding what your trading strategy is and how you can best execute it is crucial in these market conditions.

If you are thinking about getting into penny stocks, then make sure to do your research first. There is a lot going on in the stock market, so researching and understanding all you can about penny stocks is essential to your success. With this in mind, let’s take a look at three biotech penny stocks to add to your watchlist right now. 

3 Biotech Penny Stocks to Add to Your Market Crash Watchlist 

1. Immix Biopharma Inc. (NASDAQ: IMMX) 
2. TherapeuticsMD Inc. (NASDAQ: TXMD) 
3. Chimeric Inc. (NASDAQ: CMRX) 

Immix Biopharma Inc. (NASDAQ: IMMX) 

One of the bigger gainers of the day is IMMX stock. At EOD, shares of IMMX stock shot up by over 30%, with a 5% gain in after hours trading. And, in the past five day period, shares of IMMX have climbed by more than 50%.

While we do see many gains with penny stocks without news, today, Immix made an exciting announcement in premarket trading. The company stated that its IMX-110 drug demonstrated improved survival over the current approved drug, Trabectedin. It states that IMX-110 is part of what is expected to be a $6.5 billion market by 2030. 

“We are excited to see continued evidence of IMX-110 anti-tumor activity versus approved therapies. We believe this is a preview of anti-tumor activity to be demonstrated in our 2 clinical trials to be kicked-off in 2022: IMX-110 monotherapy, and IMX-110 in combination with anti-PD-1 tislelizumab.”

The CEO of Immix Bio, Ilya Rachman

Right now, there is quite a lot of bullish sentiment with biotech penny stocks. And, as a clinical stage biopharmaceutical company, Immix is at the center of this. While it is highly volatile IMMX stock could be worth adding to your list of penny stocks to watch. 

TherapeuticsMD Inc. (NASDAQ: TXMD) 

Another gainer of the day on May 20th is TXMD stock, which shot up by over 35%. In the past month, shares of TXMD stock have fallen by around 74%, which makes this gain much more substantial.

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Today, the company announced that it received FDA approval for its Supplemental New Drug Application for Annovera. With this approval, the company will be able to produce 7,000 additional rings for the supply chain, which will be made available to customers by the second and third quarter of this year. 

“Today’s approval is an important milestone as it will allow us to more efficiently scale, manufacture, and consistently supply ANNOVERA to meet the increasing demand by women who want procedure-free, long-lasting reversible birth control.” 

The CEO of TherapeuticsMD, Hugh O’Dowd

Back in 2018, Annovera was approved by the FDA as a long-lasting, reversible, procedure-free birth control product. And since then, the company has worked hard to commercialize it as much as possible. With that in mind, do you think TXMD is a worthwhile add to your penny stocks watchlist or not?

Chimeric Inc. (NASDAQ: CMRX) 

With an over 6.8% gain at EOD on May 20th, CMRX stock is another penny stock that investors are watching right now. In the past five days, we’ve seen a very steady gain with CMRX stock, pushing up by more than 20%, which is no small feat. And, this comes after a six month drop of over 60%.

The main reason for today’s gain with CMRX stock comes as fears surrounding an increase in Monkey Pox cases, are driving up biotech stocks. This includes Chimeric, which recently announced a deal with Emergent, to offer exclusive rights for its smallpox oral antiviral product known as Tembexa. 

And, given that Monkey Pox is a smallpox derivative virus, we see the major correlation between the two. With this new virus situation, there is a large demand increase for this vaccine. And while the fears that are comparing this virus to Covid-19 are somewhat unwarranted, there is a lot to consider. With this in mind, does CMRX deserve a spot on your buy list or not?

Which Penny Stocks Are You Watching Right Now?

Finding the best penny stocks to buy is all about understanding where to look. While it can be difficult given the heightened volatility in the stock market right now, there are some ways to make it easier. The best course of action will always be to have a well-thought-out trading strategy on hand. 

[Read More] What to Know About Buying Penny Stocks on May 20th 

 This can help you to maximize your chance of profitability and increase your odds of not seeing losses. In addition, considering exactly what is going on in the stock market remains paramount to your success as an investor. So, as we continue to traverse this extremely volatile period, which penny stocks are on your watchlist right now?

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The post Hot Biotech Penny Stocks to Watch as Stocks Enter Bear Market  appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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The world’s most powerful personalities have their unique perspectives on cryptocurrency. Some enthusiasts like Elon Musk and Michael Saylor argue that bitcoin is a revolution and can transform the world.

Meanwhile, wealthy skeptics like Warren Buffett and Peter Schiff say it’s a frenzy, and the bubble will burst someday, unleashing mayhem.

One more critic has found a spot among bitcoin naysayers.

The newest addition is Bill Gates, the world’s fourth wealthiest person, who argues that cryptocurrencies do not have any intrinsic worth.

In the current Ask Me Anything session on reddit, he remarked:

“I like investing in things that have valuable output”

Gates believes that the quality of a company’s products determines its worth. However, the value of cryptocurrency is determined only by what someone else believes someone else will pay for it; unlike traditional assets, it does not contribute to society.

Gates remark highlight that society is split into two groups: sceptics and advocates. However, the future of crypto markets remains uncertain in light of the current market environment.

The current state of cryptocurrency market

Despite numerous comments and observations, the global cryptocurrency market has not been stable, nor has any convincing indications of a bullish rally.

Bitcoin (BTC) was trading at $29,136 at the time of writing, a 10 percent increase from its 52-week low of $26,350 reached on 12 May.

However, Bitcoin was still around 58% lower than its all-time high of $68,789, attained on 10 November 2021.

The present volatility is counterproductive to the worldwide adoption of cryptocurrencies. Such tycoons’ remarks might stir several emotions in an already anxious market environment.

The crypto fear and greed index, a statistical measure of market emotions, sank to 8 on 17 May, indicating acute fear. This indicator translates the market mood into a simple 0 to 100 scale. Zero represents “Extreme Fear,” and 100 represents “Extreme Greed.”

The last time such a decline occurred was in March 2020, when the COVID-19-induced lockdown suspended all operational processes.

The metric improved marginally and reached 13 at the time of writing, suggesting little buying activity. However, the markets remain volatile, and investors see no indications of recovery.

Global financial markets are trading in the red, and major equities, cryptocurrencies, and currencies are declining, indicating a negative macroeconomic situation.

This might be a correction phase, although present activity levels indicate otherwise. It would be interesting to see what transpires and if a crypto winter is imminent.

The post Bill Gates admits not owning any cryptocurrency during a Reddit session appeared first on Invezz.

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