Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Federal Reserve Chairwoman Janet Yellen said Tuesday the stock market, real estate and corporate bond prices are "generally in line with historical norms," suggesting she's unconcerned about prospects for a developing bubble.
Yellen noted, however, that equities' valuation in some sectors "do appear substantially stretched." She singled out smaller firms in the social media and biotechnology industries, making the remarks in a written report to Congress prior to her testimony to the Senate Banking Committee.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Two exchange-traded funds representing the sectors appeared to respond to Yellen's remarks.
iShares NASDAQ Biotechnology Index (NASDAQ: IBB) dropped 2.3 percent to $252.10; The Global X Social Media Index (NASDAQ: SOCL) fell 1.93 percent to $18.78 per share.
Although broad equity price indexes have recently hit all-time highs, Yellen said valuations in general aren't far above historical averages.
"That suggests that investors are not excessively optimistic regarding equities," said Yellen.
Asked in testimony whether she saw signs a stock market bubble, Yellen said I don't think we see those things. At this point they're more isolated and not broad-based in general."
Yellen reiterated the Fed's stimulative bond purchases will come to an end in October unless indicators suggest otherwise. "That's the plan," said Yellen.
She suggested that next year the Fed may raise short-term interest rates for the first time since December 2008.
"We have to be careful about looking for situations where low rates can be dangerous to financial stability," said Yellen.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.