Stocks could be volatile in week ahead amid turbulence from cryptocurrency

Stocks could be volatile in week ahead amid turbulence from cryptocurrency

The trading pattern of the past two weeks – particularly alongside cryptocurrency's movements – suggests stocks could continue to be volatile in the week ahead. Investors are watching the wild swings in bitcoin and trying to gauge whether technology shares can gain traction after a rally attempt in the past week. The and were lower in the past week, but was slightly higher, helped by a positive move in tech, as well as buying in biotech and big cap growth names like FANG members , and A steep plunge in bitcoin after China announced new regulations soured the mood for risk assets during the past week. The with the IRS. Further, on bitcoin mining and trading. "What's interesting is the market is being bullied around by where bitcoin goes," said Peter Boockvar, chief investment officer with Bleakley Advisory Group. Bitcoin plunged by as much as 30% on Wednesday, to about $30,000. Though it recovered to above $42,000, it slid again on Friday. The cryptocurrency was down about 9% late Friday, hovering around $36,000, according to Coin Metrics. "Bitcoin is a poster child for risk appetite," said Boockvar. "It tells you the stock market is more on uneven ground, if we're