It was another day of euphoria for Bitcoin boosters and the options-slinger set as virtually all their favorite things launched skyward.

Just a day after violence rattled the US Capitol and sent shockwaves through the nation, market exuberance showed no signs of slowing down. Stocks rallied with about 70% of the companies in the S&P 500 gaining, while Bitcoin cracked a record high above US$40,000 and options activity soared.

Speculative mania is snowballing as assets rise in almost perfect proportion to their embedded risk. That is a fact that concerns Wall Street’s more sober-minded observers, who say that while owning fringe assets always looks like genius in a rising market, recklessness gets exposed when the tide turns.

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