U.S. stocks closed down for 3 consecutive days, Bitcoin plummeted and then reversed back to 20,000 magnesium; BTC was listed as “the world’s worst performing asset in August” | currency)

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U.S. stocks closed down for 3 consecutive days, Bitcoin plummeted and then reversed back to 20,000 magnesium; BTC was listed as “the world’s worst performing asset in August” | currency)
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The four major U.S. stock indexes closed down for the third consecutive day on the 30th. Bitcoin fell sharply by nearly $1,000 within 5 hours last night, but then began to rebound and rose back to the $20,000 mark. Still, Bitcoin has fallen 14.6 percent so far in August, making it the world’s worst-performing asset in August, according to data from British macroeconomic research firm Acorn Macro Consulting. (Recap:U.S. stocks continued to fall, Bitcoin rose back to 20,000 magnesium; the Fed began to shrink its balance sheet at full speed this week, and Bank of America estimates that the rate hike in September will slow to 2 yards) (background supplement:Bitcoin’s “worst August performance” in 7 years; cryptocurrency liquidation exceeded 300 million magnesium in a single day; Ark: The market is returning to a risk-on environment)

niceThe main U.S. stock market index ended lower for a third session in a row, Reuters reported, as the latest U.S. job vacancies data grew, adding to worries that the Federal Reserve will continue to raise interest rates aggressively to fight inflation. U.S. job openings rose to 11.239 million in July, up sharply from the previous month, underscoring that labor demand showed no signs of cooling.

The performance of the four major U.S. stock indexes on the 30th is as follows:

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The Dow Jones Industrial Average fell 308.12 points, or 0.96%, to 31,790.87. The Nasdaq Composite lost 134.53 points, or 1.12 percent, to end at 11,883.14. The S&P 500 lost 44.45 points, or 1.1%, to 3,986.16 and the Philadelphia Semiconductor index lost 35.9 points, or 1.31%, to 2,708.6.

Performance of various stocks in the S&P 500. Source: finviz

In the cryptocurrency market, Bitcoin (BTC) fell sharply by nearly $1,000 within 5 hours from 8 pm on the 30th, from around $20,400 to a low of $19,540, but then began to rebound. As of the deadline, it was reported at $20,323, an increase of 0.6% in the past 24 hours; Ether (ETH) also began to rebound after falling to $1,473 last night, and was reported at $1,590 before the deadline, a 3.6% increase in the past 24 hours.

– Bitcoin charts. Source: TradingView –

Bitcoin is the world’s worst performing asset in August

It is worth noting that according to the monthly return data of global assets provided by the British macroeconomic research firm Acorn Macro Consulting, Bitcoin has fallen by 14.6% so far in August, making it the worst performing asset in the world in August this year.

Brazil’s Bovespa stock index rose 8.9% so far in August, making it the world’s best-performing asset in August this year, with the U.S. dollar index (DXY) in second place, up 2.8% so far in August, and India’s blue-chip India NIFTY 500 index rose in August It is up 2.1% so far and is in third place.

The S&P TSX 60 is up 0.9 percent so far in August, ranking fourth, while China’s 10-year government bond is fifth, up 0.6 percent so far in August. In terms of major U.S. stock indexes, the S&P 500 has fallen 2.4% so far in August, while the Nasdaq 100, a technology stock highly correlated with Bitcoin, has fallen 3.6% so far in August.

Global asset return comparison in August. Source: Acorn Macro Consulting

Macro factors continue to drag down the currency market

Germany announced last night that August inflation reached 8.8%, which was better than the 9% expected by analysts, but still the highest level in Germany in nearly 50 years, increasing the possibility of further interest rate hikes to curb inflation. In the time period that coincided with the release of this data, Bitcoin and Ethereum both experienced sharp declines.

In addition, U.S. job vacancies surged in July, reflecting a tightening labor market, which has historically been one of the catalysts for higher inflation, with expectations of higher inflation increasing the likelihood of interest rate hikes, which in turn This has caused risky assets, including cryptocurrencies, to fall.

According to a Bloomberg review, the $20,000 level has acted as support as Bitcoin hit lows in recent months, and many analysts believe this is an important psychological threshold below which it could signal Bitcoin’s decline. withstand further declines.

Further reading:U.S. stocks continued to fall, Bitcoin rose back to 20,000 magnesium; the Fed began to shrink its balance sheet at full speed this week, and Bank of America estimates that the rate hike in September will slow to 2 yards

In response to market movements, Arcane Research analyst Vetle Lunde believes that macro headwinds will continue to weigh on cryptocurrencies as inflation is still far from contained and Fed policy is unlikely to turn in the short term, pessimistically stating that “the macro backdrop It will be a situation where it will be difficult to determine the direction in the next few years.”

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