FANG (Facebook, Amazon, Netflix, and Google) trades on NASDAQ and have long been regarded as the best-performing stocks, offering lucrative returns to their many, many investors. Until yesterday that is. The loss appears to stem – at least in part – from investors starting to move away from big-cap internet stocks into banks and value stocks.
NASDAQ is also reportedly planning to introduce Bitcoin futures next year, further legitimizing the virtual currency.
This dramatic drop must have garnered the interest of Nobel Prize-winning economist, Joseph E. Stiglitz, who you may remember for his recent suggestion of having Bitcoin outlawed. Stiglitz has previously suggested that trading in FANG stocks should also be banned.
After taking a bit of time to settle down, Bitcoin is trading at just under $9,800 according to Coinmarketcap. However, they’re not the only cryptocurrency setting records. Ethereum recently stepped over the $500 threshold, while Litecoin surpassed the $100 mark.
What do you think of FANG’s drastic drop compared to Bitcoin’s? Let us know in the comments below!
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