Bitwise CIO Matt Hougan Says Most Asset Classes Are Weak Despite Strong U.S. Jobs Data

Bitwise Chief Investment Officer Matt Hougan said that despite strong U.S. employment data, not only cryptocurrencies but nearly all asset classes are broadly weakening, while value-style sectors have shown relatively firm performance. According to Odaily, Hougan wrote that market sentiment includes concerns that several large upcoming technology IPOs could mark a temporary peak in the current phase of the tech stock rally. He said this sentiment may continue to build over the next few weeks, but added that, over the long term, it does not mean the technology market has reached its peak.